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

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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

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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

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