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: Consultant $2,610 per week Not applicable $910 Regular earnings rate Overtime earnings rate Federal income tax withheld Computer Programmer $36 per hour 2 times hourly rate $243 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. Administrator $48 per hour 1.5 times hourly rate $505 For the current pay period, the computer programmer worked 53 hours and the administrator worked 61 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%.

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: Consultant $2,610 per week Not applicable $910 Regular earnings rate Overtime earnings rate Federal income tax withheld Computer Programmer $36 per hour 2 times hourly rate $243 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. Administrator $48 per hour 1.5 times hourly rate $505 For the current pay period, the computer programmer worked 53 hours and the administrator worked 61 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%.

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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