Computing Net PayTom Hallinan works for a company that pays its employees 1½ times the regular rate for all hours worked in excess of 40 per week. Hallinan's pay rate is $11.50 per hour. His wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. He is married and claims five withholding allowances. Hallinan has a ½-hour lunch break during an 8½-hour day. His time card is shown.NameTom Hallinan Week EndingMarch 30, 20-- Hours WorkedDayInOutInOutRegularOvertimeM7:5512:0212:325:3381T7:5912:0412:345:3581W7:5912:0512:354:308 T8:0012:0112:305:018½F7:5812:0212:315:3381S7:599:33 1½Complete the following for the week:a. fill in the blank 1 regular hours × $11.50 per hour$fill in the blank 2b. fill in the blank 3 overtime hours × $17.25 per hour$fill in the blank 4c. Total gross wages$fill in the blank 5d. Federal income tax withholding(Tax Tables: Refer to Figure 8-4 in the text.)$fill in the blank 6e. Social Security withholding at 6.2%$fill in the blank 7f. Medicare withholding at 1.45%$fill in the blank 8g. Total withholding$fill in the blank 9h. Net pay$fill in the blank 10

Since you have asked a question with multiple sub parts, we will solve the first three sub parts for you. To get the remaining sub parts solved, please re post the complete question and mention the sub parts to be solved. Whenever an employee works more than a certain hours a day, it is counted as overtime. The pay rate of overtime is usually higher than the regular hours pay rate to encourage employees to work overtime. Regular pay = Regular hours x Regular pay rate Overtime pay = Overtime hours x Overtime pay rate Total gross wages = Regular pay + Overtime payIn our case, the regular pay rate is $11.50 per hour The overtime pay rate is 1.5 times the regular pay rate, that is $17.25 per hour Part a: For the week ending March 30, Tom has worked all of the 40 regular hours, hence 40 regular hours x $11.50 per hour = $460 Part b: For the week ending March 30, Tom has worked a total of 5 overtime hours( Adding up all the overtime), hence 5 overtime hours x $17.25 per hour = $86.25 Part c: For the week ending March 30, Total gross wages will be equal to Total gross wages = Regular pay + Overtime pay = $460 + $86.25 =$546.25 Total Gross Wages = $546.25

Answered: Complete the following for the week:…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Computing Net Pay

Tom Hallinan works for a company that pays its employees 1½ times the regular rate for all hours worked in excess of 40 per week. Hallinan's pay rate is $11.50 per hour. His wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. He is married and claims five withholding allowances. Hallinan has a ½-hour lunch break during an 8½-hour day. His time card is shown.

Name	Tom Hallinan
Week Ending	March 30, 20--
					Hours Worked
Day	In	Out	In	Out	Regular	Overtime
M	7:55	12:02	12:32	5:33	8	1
T	7:59	12:04	12:34	5:35	8	1
W	7:59	12:05	12:35	4:30	8
T	8:00	12:01	12:30	5:01	8	½
F	7:58	12:02	12:31	5:33	8	1
S	7:59	9:33				1½

Complete the following for the week:

a.	fill in the blank 1 regular hours × $11.50 per hour	$fill in the blank 2
b.	fill in the blank 3 overtime hours × $17.25 per hour	$fill in the blank 4
c.	Total gross wages	$fill in the blank 5
d.	Federal income tax withholding (Tax Tables: Refer to Figure 8-4 in the text.)	$fill in the blank 6
e.	Social Security withholding at 6.2%	$fill in the blank 7
f.	Medicare withholding at 1.45%	$fill in the blank 8
g.	Total withholding	$fill in the blank 9
h.	Net pay	$fill in the blank 10

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions