Crane Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40 a wee Payroll data for the week ended March 15 are presented below. Employee Ben Abel Rita Hager Jack Never Sue Perez Hours Worked 40 42 44 46 Hourly Rate $11.00 23.00 19.00 19.00 Federal Income Tax Withholdings $48.00 21.00 60.00 61.00 United Fund $5.00 5.00 8.00 5.00 The following tax rates are applicable: FICA 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), state income taxes 3%, state unemployment taxes 5.4%, and federal unemployment 0.6%

Crane Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40 a wee Payroll data for the week ended March 15 are presented below. Employee Ben Abel Rita Hager Jack Never Sue Perez Hours Worked 40 42 44 46 Hourly Rate $11.00 23.00 19.00 19.00 Federal Income Tax Withholdings $48.00 21.00 60.00 61.00 United Fund $5.00 5.00 8.00 5.00 The following tax rates are applicable: FICA 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), state income taxes 3%, state unemployment taxes 5.4%, and federal unemployment 0.6%

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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