Compute Payroll Floatin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Regular earnings rate Overtime earnings rate" Number of withholding allowances *For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. $5,000 per week Not applicable Consultant Computer Programmer $80 per hour 1.5 times hourly rate 2 1 For the current pay period, the computer programmer worked 46 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined from the wage bracket withholding table in Exhibit 2. Assume further that the social security tax rate was 6.0% the Medicare tax rate was 1.5%, and one withholding allowance is $81. Computer Programmer. Administrator Determine the gross pay and the net pay for each of the three employees for the current pay period. If required, round your answers to two decimal places. $50 per hour 2 times hourly rate 2 Administrator
Compute Payroll Floatin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Regular earnings rate Overtime earnings rate" Number of withholding allowances *For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. $5,000 per week Not applicable Consultant Computer Programmer $80 per hour 1.5 times hourly rate 2 1 For the current pay period, the computer programmer worked 46 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined from the wage bracket withholding table in Exhibit 2. Assume further that the social security tax rate was 6.0% the Medicare tax rate was 1.5%, and one withholding allowance is $81. Computer Programmer. Administrator Determine the gross pay and the net pay for each of the three employees for the current pay period. If required, round your answers to two decimal places. $50 per hour 2 times hourly rate 2 Administrator
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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