Compute K Melo Company has three employees a consultant, a computer programmes, and an administrator. The following payroll information is available for each employee Administrator Consultant $3,110 per week Computer Programmer 134 per hour Not applicable 2 times hourly rate $217 $925 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 63 hours Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5% Determine the press per and the net pay for each of the three employees for the current pay penod. Assume the normal working hours in a week are 40 hours. When required round intermediate calculations and final answers to two decimal places. Consultant Computer Programmer Regular earnings rate Overtime earnings rate Federal income tax withheld Grosspa hot pay $44 per hour 15 times hourly rate $505 Administrator

Compute K Melo Company has three employees a consultant, a computer programmes, and an administrator. The following payroll information is available for each employee Administrator Consultant $3,110 per week Computer Programmer 134 per hour Not applicable 2 times hourly rate $217 $925 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 63 hours Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5% Determine the press per and the net pay for each of the three employees for the current pay penod. Assume the normal working hours in a week are 40 hours. When required round intermediate calculations and final answers to two decimal places. Consultant Computer Programmer Regular earnings rate Overtime earnings rate Federal income tax withheld Grosspa hot pay $44 per hour 15 times hourly rate $505 Administrator

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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K. Mello 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 $3,210 per week $34 per hour $48 per hour Overtime earnings rate Not applicable 2 times hourly rate 1.5 times hourly rate Federal income tax withheld $925 $252 $505 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…
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XYZ Company is processing payroll for the week ending January 9th. Employee earnings total $5,000. Federal income tax withheld from employee paychecks totaled $1,100. The social security tax rate is 6%, the Medicare ta: rate is 1.5%, the state unemployment tax rate is 5.4% and the federal unemployment tax rate is .8%. a) Journalize the pavroll entry for the wook
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BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 6,000 $ 1,500 b. 2,000 2,100 c. 132,900 9,500 Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay General Journal The employee’s federal income taxes withheld by the employer are $70 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee.Note: Round your answers to 2 decimal places. Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Subject to Tax Tax Rate Tax Amount Federal income tax $70.00 Prepare the employer's September 30…
Required information [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. Gross Pay through August 31 $ 6,400 Gross Pay for September 800 а. b. 2,000 120,900 2,100 8,000 C. ssuming situation a, prepare the employer's September 30 journal entries to record salary expense and its related payroll liabiliti this employee. The employee's federal income taxes withheld by the employer are $80 for this pay period. Complete this question by entering your answers in the tabs below. Employee Paid Таxes General Journal Assuming situation a, calculate the employee-paid taxes. The employee's federal income taxes withheld by the employer are $80 for this pay period. (Round your answers to 2 decimal places.) Taxes to be Withheld…
An employee earns $44 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 60 hours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee's federal income tax withheld is $708. a. Determine the gross pay for the week. If applicable, round your final answer to two decimal places. b. Determine the net pay for the week.