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: Administrator Computer Programmer $30 per hour Regular earnings rate Overtime earnings rate Federal income tax withheld Consultant $3,010 per week Not applicable $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 52 hours and the administrator worked 62 hours. Assume that the social security tax rate w tax rate was 1.5%. Gross pay $48 per hour 1.5 times hourly rate $515 2 times hourly rate $253 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. Consultant Computer Programmer 0%, and the Medicar Administrator

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: Administrator Computer Programmer $30 per hour Regular earnings rate Overtime earnings rate Federal income tax withheld Consultant $3,010 per week Not applicable $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 52 hours and the administrator worked 62 hours. Assume that the social security tax rate w tax rate was 1.5%. Gross pay $48 per hour 1.5 times hourly rate $515 2 times hourly rate $253 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. Consultant Computer Programmer 0%, and the Medicar 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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Calculate Payroll 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 50 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 $557. a. Determine the gross pay for the week. 2,750 x If applicable, round your final answer to two decimal places. b. Determine the net pay for the week. 1,911 X Feedback 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 known as take-home pay.
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