**Breakin Away Company Payroll Information**Breakin Away Company has three employees: a consultant, a computer programmer, and an administrator. Below is the payroll information for each employee:| Position | Regular Earnings Rate | Overtime Earnings Rate | Number of Withholding Allowances ||------------------------|-----------------------|-------------------------------------|----------------------------------|| Consultant | $2,410 per week | Not applicable | 3 || Computer Programmer | $36 per hour | 1.5 times hourly rate | 2 || Administrator | $44 per hour | 2 times hourly rate | 1 |**Current Pay Period Information:**- The computer programmer worked 60 hours.- The administrator worked 50 hours.To determine the federal income tax withheld for all three employees, who are single, add $356.90 to 28% of the difference between the employee's amount subject to withholding and $1,796.00. Assume further:- Social Security tax rate: 6%- Medicare tax rate: 1.5%- One withholding allowance: $70**Objective:**Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume normal working hours in a week are 40 hours. Round answers to two decimal places if required.**Payroll Calculations Table:**| | Consultant | Computer Programmer | Administrator ||---------------|------------|----------------------|---------------|| **Gross Pay** | $2,410 | $2,520 | $2,640 || **Net Pay** | | $1,810.58 | |- The table provides a formatted view of the gross and net pay information for each employee. - The consultant’s gross and net pay calculation is complete.- The computer programmer's gross pay is calculated as $2,520, with a net pay of $1,810.58.- The administrator's gross and net pay needs to be finalized based on the given parameters. Complete the calculations by applying the tax rates, withholding allowances, and provided formula for tax withholding to achieve accurate net pay figures.

Breakin Away company has asked to compute Gross pay and Net pay by considering various factors like…

Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earnings rate $2,410 per week $36 per hour $44 per hour Overtime earnings rate Not applicable 1.5 times hourly rate 2 times hourly rate Number of withholding allowances 3 1. For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $356.90 to 28% of the difference between the employee's amount subject to withholding and $1,796.00. Assume further that the social security tax rate was 6%, the Medicare tax rate was 1.5%, and one withholding allowance is $70. Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. If required, round your answers to two decimal places. Consultant Computer Programmer Administrator Gross pay 2,410 V 2,520 v 2,640 V Net pay 1,810.58

Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earnings rate $2,410 per week $36 per hour $44 per hour Overtime earnings rate Not applicable 1.5 times hourly rate 2 times hourly rate Number of withholding allowances 3 1. For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $356.90 to 28% of the difference between the employee's amount subject to withholding and $1,796.00. Assume further that the social security tax rate was 6%, the Medicare tax rate was 1.5%, and one withholding allowance is $70. Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. If required, round your answers to two decimal places. Consultant Computer Programmer Administrator Gross pay 2,410 V 2,520 v 2,640 V Net pay 1,810.58

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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