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deductions: Federal income tax (use the table in Figure 3, pages 293-294). Social Security tax at 6.2 percent. Medicare tax at 1.45 percent. Union dues, $32. a. b. c. d. Required Compute Chang's regular pay, overtime pay, gross pay, and net pay.

deductions: Federal income tax (use the table in Figure 3, pages 293-294). Social Security tax at 6.2 percent. Medicare tax at 1.45 percent. Union dues, $32. a. b. c. d. Required Compute Chang's regular pay, overtime pay, gross pay, and net pay.

FINANCIAL ACCOUNTING
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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Problem 7-1B
cvmpuu juно ин рay, vrvitim pays 51000 pays unu iv pay. Problem Set B PROBLEM 7-1B Erin Chang, an employee of Solutions Company, worked 48 hours during the week of October 12 through 18. Her rate of pay is $17.50 per hour, and she receives time-and-a-half for all work in excess of 40 hours per week. Chang is married and claims two allowances on her W-4 form. Her wages are subject to the following deductions: a. Federal income tax (use the table in Figure 3, pages 293-294). b. Social Security tax at 6.2 percent. C. Medicare tax at 1.45 percent. d. Union dues, $32. Required Compute Chang's regular pay, overtime pay, gross pay, and net pay. PROBLEM 7-2B Harvest Company has the following payroll information for the pay period ended April 14: Name Grant, L. Hamn, R. Lisk, J. Myre, G. Segel, T. Torgel, I. Earnings at End of Previous Week 7,536.00 6,496.00 6,798.00 9,589.00 6,585.00 7,501.00 M T W T ∞∞∞∞ 8 8 0 00 00 00 00 0 Daily Time 8 8 8 8 8 8 10 ∞ ∞ ∞ ∞ 8 8 F 8 8 S 0 0 8 8 8 8 6 8 ∞∞∞∞oo 8 8 0 8 8 ∞∞o a 0 8 8 8 8 8 ++ Pay Rate 18.00 18.10 17.80 19.25 17.95 18.70 Federal Income Tax 55.00 55.00 52.00 62.00 77.00 58.00
Transcribed Image Text:cvmpuu juно ин рay, vrvitim pays 51000 pays unu iv pay. Problem Set B PROBLEM 7-1B Erin Chang, an employee of Solutions Company, worked 48 hours during the week of October 12 through 18. Her rate of pay is $17.50 per hour, and she receives time-and-a-half for all work in excess of 40 hours per week. Chang is married and claims two allowances on her W-4 form. Her wages are subject to the following deductions: a. Federal income tax (use the table in Figure 3, pages 293-294). b. Social Security tax at 6.2 percent. C. Medicare tax at 1.45 percent. d. Union dues, $32. Required Compute Chang's regular pay, overtime pay, gross pay, and net pay. PROBLEM 7-2B Harvest Company has the following payroll information for the pay period ended April 14: Name Grant, L. Hamn, R. Lisk, J. Myre, G. Segel, T. Torgel, I. Earnings at End of Previous Week 7,536.00 6,496.00 6,798.00 9,589.00 6,585.00 7,501.00 M T W T ∞∞∞∞ 8 8 0 00 00 00 00 0 Daily Time 8 8 8 8 8 8 10 ∞ ∞ ∞ ∞ 8 8 F 8 8 S 0 0 8 8 8 8 6 8 ∞∞∞∞oo 8 8 0 8 8 ∞∞o a 0 8 8 8 8 8 ++ Pay Rate 18.00 18.10 17.80 19.25 17.95 18.70 Federal Income Tax 55.00 55.00 52.00 62.00 77.00 58.00
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