Calculate Payroll K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Administrator Regular earnings rate Overtime earnings rate $2,910 per week Not applicable Computer Programmer $30 per hour 2 times hourly rate $44 per hour 1.5 times hourly rate Federal income tax withheld $247 $505 $920 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 55 hours and the administrator worked 65 hours. Assume further that the social security tax rate was 6%, and the Medicare tax rate was 1.5%. 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 Net pay

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Calculate Payroll
K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee:
Consultant
Administrator
Regular earnings rate
Overtime earnings rate
$2,910 per week
Not applicable
Computer Programmer
$30 per hour
2 times hourly rate
$44 per hour
1.5 times hourly rate
Federal income tax withheld
$247
$505
$920
For hourly employees, overtime is paid for hours worked in excess of 40 hours per week.
For the current pay period, the computer programmer worked 55 hours and the administrator worked 65 hours. Assume further that the social security tax rate was 6%, and the Medicare tax rate was 1.5%.
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
Net pay
Transcribed Image Text:Calculate Payroll K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Administrator Regular earnings rate Overtime earnings rate $2,910 per week Not applicable Computer Programmer $30 per hour 2 times hourly rate $44 per hour 1.5 times hourly rate Federal income tax withheld $247 $505 $920 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 55 hours and the administrator worked 65 hours. Assume further that the social security tax rate was 6%, and the Medicare tax rate was 1.5%. 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 Net pay
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