Calculate payroll An employee earns $30 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 54 hours during the week, determine the employee’s (a) gross pay and (b) net pay for the week. Assume that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and the employee’s federal income tax withheld is $295.

Q: Using the income tax withholding table in Figure 3, for each employee of Miller Company, determine…

A: Payroll It is important for the business entity to prepare the payroll process and its statutory…

Q: Compute payroll An employee earns $36 per hour and 1.5 times that rate for all hours in excess of 40…

A: Lets understand the basics.Gross pay for an employee means a pay which is totalling normal pay plus…

Q: An employee's rate of pay is $36 per hour, with time-and-a-half for all hours worked in excess of 40…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: An employee earns $24 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: Formula: Net Pay = Gross pay - Total deductions Deductions are to be subtracted  from Gross pay to…

Q: , 1.5%. What is the net amount to be paid to Jackson?

A: Given information is: Hours worked = 45 Normal hours = 40 Hourly wage rate = $15

Q: The monthly salaries for December and the year-to-date earnings of the employees of Lincoln Project…

A: The objective of the question is to calculate the amount of Medicare tax to be withheld from each…

Q: From the following information, calculate the payroll tax expense for Bowling Company for the…

A: Answer:- Payroll taxes:- All taxes pertaining to a person's salary, wage, bonus, commission and tips…

Q: Sadie White receives an hourly rate of $30, with time and a half for all hours worked in excess of…

A: Formula used : Number of Excess hours worked = Total hours worked - Weekly working hours

Q: Thomas Martin receives an hourly wage rate of $30, with time and a half for all hours worked in…

A: Gross Salary:(40×30) + [(43-40)×1.5×30] = 1,335 Deductions:Social Security Tax = 1,335×0.06 =…

Q: According to a summary of the payroll of Guthrie Co., $600,000 was subject to the 6.0% social…

A: Payroll Tax refers to those taxes that employers withhold from the wages or salaries of the…

Q: An employee has year-to- date earnings of $41,050. The employee's gross pay for the next pay period…

A: Federal Insurance Contributions Act tax:   It is a federal payroll contribution that is directed for…

Q: Selected information from the payroll register of Barbara's Stables for the week ended September 28,…

A: Tax liability: It is the total amount of tax owed is a given period, by individuals and…

Q: Thomas Martin receives an hourly wage rate of $25, with time-and-a-half pay for all hours worked in…

A: Gross pay Gross pay means the amount paid to the employees before all taxes and benefits. The Gross…

Q: Compute Payroll An employee earns $20 per hour and 1.75 times that rate for all hours in excess of…

A:

Q: An employee earns $44 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: Gross pay and net pay are two important terms related to an employee's compensation, and they…

Q: The monthly salaries for December and the year-to-date earnings of the employees of Bush Consulting…

A: Step 1: Determine the taxable earnings for December.EmployeeAnnual Taxable LimitTotal Earnings for…

Q: Davis and Thompson have earnings of $913 each. The social security tax rate is 6.0%, and the…

A: Abbreviation of FICA: Federal insurance contributions Act  Both employee and employers mandatory…

Q: An employee receives an hourly rate of $14, with time and a half for all hours worked in excess of…

A: Salaries expense is the addition of regular and overtime earnings and then various deductions are…

Q: how do compute thesocial security taxable earnings?

A: Federal income taxes (FIT) are imposed in USA. Tax is calculated by applying tax rates which…

Q: Compute Payroll An employee earns $22 per hour and 2 times that rate for all hours in excess of 40…

A: The gross pay of an employee indicates the total earnings to an employee for the services provided.…

Q: The monthly salaries for December and the year-to-date earnings of the employees of Bush Consulting…

A: The Social Security tax, also known as the Federal Insurance Contributions Act (FICA) tax, is a…

Q: Assume that the MUST Co. pays a weekly payroll. Using the portion of the Wage Bracket Withholding…

A:

Q: Required information [The following information applies to the questions displayed below.] BMX…

A: The question is to solve for situation a only. Payroll taxes expense = FICA - Social Security taxes…

Q: omas Martin receives an hourly wage rate of $16, with time and a half for all hours worked in excess…

A: Wages are paid based on hourly payments and extra hours are paid with extra payment with extra over…

Q: Instructions 1. Compute the amounts to be reported for the year on each employee's Wage and Tax…

A: Amount receives as retirement, disability, and survivorship benefits from the Social Security…

Q: Martin Jackson receives an hourly wage rate of $15, with time and a half for all hours worked in…

A: Formula: Net pay = Gross pay - All deductions.

Q: An employee receives an hourly rate wage of $24, with time and a half for All hours worked in excess…

A: In this case, we have to deduct all the withheld income tax, Social Security tax & Medicare tax…

Q: An employee earns $16 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: a. Gross pay = Normal pay + Overtime pay = $16*40 + 1.5* $16* (55-40)Gross pay = $640 + $560 Gross…

Q: The employees of Ethereal Bank are paid on a semimonthly basis. All employees are single. Required:…

A: FICA taxes are deducted from each paycheck of employees, with equivalent contributions from the…

Q: An employee receives an hourly wage rate of $23, with time-and-a-half for all hours worked in excess…

A: Definition: The net amount payable to the employee is the amount paid net of taxes. It is calculated…

Q: An employee earns $44 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: " Gross pay" and" net pay" are terms generally used in the  environment of employment and income.…

Q: For all payroll calculations, use the following tax rates and round amounts to the nearest cent…

A: Given information is: On July 5, Williams Company recorded sales of merchandise inventory on account…

Q: An employee earns $20 per hour and 1.75 times that rate for all hours in excess of 40 hours per…

A: Gross pay: It is an income calculated by multiplying the total hours worked with the basic hourly…

Q: An employee earned $43,300 working for an employer in the current year. The current rate for Federal…

A: Payroll tax refers to the tax that is subtracted from, assessed against, or imposed on an employer's…

Q: Davis and Thomas have earnings of $841 each. The social security tax rate is 6.0%, and the Medicare…

A:

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.