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. Overtime earnings rate Federal income tax withheld $3,110 per week. $34 per hour Not applicable $915 2 times hourly rate $251 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. Gross pay Net pay Consultant 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%. 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 $ Administrator $46 per hour 1.5 times hourly rate $500 Computer Programmer 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: Computer Programmer Regular earnings rate. Overtime earnings rate Federal income tax withheld $3,110 per week. $34 per hour Not applicable $915 2 times hourly rate $251 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. Gross pay Net pay Consultant 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%. 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 $ Administrator $46 per hour 1.5 times hourly rate $500 Computer Programmer 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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