Compute payroll K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Computer Programmer Regular earnings rate $28 per hour Overtime earnings rate 2 times hourly rate Federal income tax withheld $255 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 53 hours and the administrator worked 65 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. Gross pay Net pay Feedback 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. When required round intermediate calculations and final answers to two decimal places. Administrator $ Consultant Consultant $2,110 per week Not applicable $910 2,110 ✔ $1,951.75 X Computer Programmer 1,848 ✔ $1,709.40 x Administrator $ $50 per hour 1.5 times hourly rate $510 3,875 ✔ 3,584.37 X Check My Work Gross pay represents the total earnings of an employee for a specific pay period, prior to taxes and deductions. Net pay is also

Compute payroll K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Computer Programmer Regular earnings rate $28 per hour Overtime earnings rate 2 times hourly rate Federal income tax withheld $255 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 53 hours and the administrator worked 65 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. Gross pay Net pay Feedback 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. When required round intermediate calculations and final answers to two decimal places. Administrator $ Consultant Consultant $2,110 per week Not applicable $910 2,110 ✔ $1,951.75 X Computer Programmer 1,848 ✔ $1,709.40 x Administrator $ $50 per hour 1.5 times hourly rate $510 3,875 ✔ 3,584.37 X Check My Work Gross pay represents the total earnings of an employee for a specific pay period, prior to taxes and deductions. Net pay is also

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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