Compute payroll <. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Computer Programmer $55 per hour Administrator $70 per hour 2 times hourly rate 1.5 times hourly rate $452 $642 Consultant $6,000 per week Not applicable $1,380 Regular earnings rate Overtime earnings rate Federal income tax withheld 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 46 hours and the administrator worked 50 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. When required round intermediate calculations and final answers to two decimal places. Computer Programmer Administrator Consultant Gross pay Net pay

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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 Computer Programmer
Administrator
$55 per hour
Regular earnings rate
Overtime earnings rate
2 times hourly rate
Federal income tax withheld
$452
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 46 hours and the administrator worked 50 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. When required round intermediate calculations and final answers to two decimal places.
Computer Programmer
Consultant
Gross pay
Net pay
$6,000 per week
Not applicable
$1,380
$70 per hour
1.5 times hourly rate
$642
Administrator
Transcribed Image Text: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 Computer Programmer Administrator $55 per hour Regular earnings rate Overtime earnings rate 2 times hourly rate Federal income tax withheld $452 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 46 hours and the administrator worked 50 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. When required round intermediate calculations and final answers to two decimal places. Computer Programmer Consultant Gross pay Net pay $6,000 per week Not applicable $1,380 $70 per hour 1.5 times hourly rate $642 Administrator
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