PSb 2-5 Determine Hourly Regular and Overtime Wage RatesDetermine both the regular and overtime wage rates for each of the following employees. All are paid an overtime wage rate 1.5 times their respective regular wage rates.NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.1: Kevin Williams earns a weekly wage of $740. During the most recent week, he worked 42 hours.Regular Wage Rate = $Overtime Wage Rate = $2: Charles Joyner earns a biweekly wage of $2,720. During the most recent week, he worked 45 hours.Regular Wage Rate =Overtime Wage Rate = $$3: Julio Valdez earns an annual salary of $81,000. During the most recent week, he worked 44 hours.Regular Wage Rate =$Overtime Wage Rate =$4: Bridget Stein earns a monthly salary of $6,200. During the most recent week, she worked 56 hours.Regular Wage Rate =Overtime Wage Rate = $$5: Betsy Cranston earns a semimonthly salary of $2,200. During the most recent week, she worked 49 hours.Regular Wage Rate =$Overtime Wage Rate =$

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Answered: Determine both the regular and overtime…

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 gross pay (regular earnings + overtime earnings) for each of the following employees. Every employee earns hourly overtime wages 1.5 times greater than their regular wage rate. Shelley Brothers earns $9.25/hour and worked 46 hours during the most recent week. Don Beldon earns $7.50/hour and worked 43 hours during the most recent week. Alex Donaldson earns $21.75/hour and worked 49 hours during the most recent week. Jason Kindler earns $11/hour and worked 45 hours during the most recent week. Sam Wilder earns $19.35/hour and worked 53 hours during the most recent week.
Janel is a nurse at Central City Hospital and is paid $31.75 per hour for a 40-hour standard workweek. During the biweekly pay period from January 10–21, Janel worked a total of 85 hours. Required:What is Janel's gross pay?Note: Round your intermediate calculations and final answer to 2 decimal places.
Robin Market works for Cycle Industries. Her pay rate is $14.50 per hour and she receives overtime pay at one and one-half times her regular hourly rate for any hours worked beyond 40 in a week. During the pay period that ended December 31, 20X1, Robin worked 42 hours. She is married and claims three withholding allowances on her W-4 form. Robin's cumulative earnings prior to this pay period total $32,000. This week's wages are subject to the following deductions: 1. Social Security tax at 6.2 percent 2. Medicare tax at 1.45 percent 3. Federal income tax (use the withholding table shown in Figure 10.2b) 4. Health and disability insurance premiums, $180 5. Charitable contribution, $25 Required: 1. Compute Robin's regular, overtime, gross, and net pay. 2. Assuming the weekly payroll has been recorded, journalize the payment of her wages for the week ended December 31. Analyze: Based on Robin's cumulative earnings through December 31, how much overtime pay did she earn this year? Complete…
Brian Packer worked the following schedule: Monday, 9 hours; Tuesday, 7 hours 34 minutes; Wednesday, 8 hours 23 minutes; Thursday, 8 hours 16 minutes; Friday, 8 hours. The employer pays overtime for all time worked in excess of 40 hours per week. Required: Determine Brian's total time worked according to the (a) quarter-hour method and (b) the hundredth-hour method. Which is the more favorable method for Brian, quarter-hour or hundredth-hour? (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Brian Packer Quarter-Hour Time hours Hundredth-Hour Time More Favorable Method hours
Jon Stone is paid $20 an hour for an 8-hour day, with time-and-a-half for overtime and double-time for Sundays and holidays. Regular employment is on the basis of 40 hours a week, 5 days a week. Overtime premium is charged to Factory Overhead. Required: Using the labor-time record below: a. Compute Jerrod's total earnings for the week. b. Present the journal entry to distribute Jerrod's total earnings. Sunday Monday Tuesday Wednesday Thursday Friday Saturday ТОTAL Job F2 3 5 4 31 Job M1 1 3 6 14 Admin 1 3 6 TOTAL 8. 8. 8 10 51
Breakin Away 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 Regular earnings rate $3,010 per week $32 per hour $44 per hour Overtime earnings rate Not applicable 1.5 times hourly rate 2 times hourly rate Number of withholding allowances 3 2 1 For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $356.90 to 28% of the difference between the employee's amount subject to withholding and $1,796.00. Assume further that the social security tax rate was 6%, the Medicare tax rate was 1.5%, and one withholding allowance is $70. 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…
Stephanie Parker is a salaried, nonexempt administrator for Forise Industries and is paid biweekly. Her annual salary is $39,000, and her standard workweek is 45 hours. During the pay period ending February 3, 20XX, she worked 8 hours overtime. She is single with two withholding allowances. Required: Complete the following payroll register for Stephanie's pay. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Company Name Stephanie Parker Forise Industries M/S # of W/H Annual Salary Hourly Rate Overtime Rate No. of Regular Hours Period Ended: No. of Overtime Regular Hours Earnings 2/3/20XX Overtime Earnings Gross Earnings
Calculate gross pay for each of the following employees. All are paid an overtime wage rate that is 1.5 times their respective regular wage rates. 1.Samuel Worthy earns both $8.10/hour and a 14% commission on all sales. During the most recent week, he worked 41 hours and made total sales of $12,000.NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.
Make an Excel spreadsheet to compute gross wages due each employee under federal wage-hour law. See notes below. a. Ryan is normally paid $1,000 for a 40-hour workweek. One week, he works 46 hours. b. Latisha is normally paid $1,200 for a 40-hour workweek. One Monday she is out sick but receives 8 hours sick pay. She then works 40 hours Tuesday–Friday. c. Al is normally paid $500 for a 40-hour workweek. One week, he works 45 hours. d. Lee is normally paid $1,500 for a 40-hour workweek. To make up for leaving early one Friday, he works 44 hours this week. THANK YOU FOR YOUR HELP.
Nigel McCloskey is a waiter at Albicious Foods in South Carolina. He is single with one withholding allowance. He receives the standard tipped hourly wage. During the week ending October 22, 20XX, he worked 44 hours and received $186 in tips. Calculate his gross pay, assuming his tips are included in the overtime rate determination. Use Table 3-1. Required: 1. Complete the payroll register for Nigel McCloskey. 2a. Does Albicious Foods need to contribute to Nigel's wages to meet FLSA requirements? 2b. If so, how much should be contributed? Complete this question by entering your answers in the tabs below. Req 1 Company Req 2a Complete the payroll register for Nigel McCloskey. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Name Nigel McCloskey Req 2b Albicious Foods M/S S # of W/H 1 Regular Hourly Rate $ Period Ended: Overtime Rate 2.13 $ 3.19 No. of Regular Hours 40.00 Tips 85.20 $ 186.00 Overtime Earnings 12.78 Gross Earnings $ 283.98
Flower's employer pays time-and-a-half for all hours worked in excess of 8 hours per dayand double time for all hours worked on Sundays. Flower's regular hourly rate is $12 per hour.During the week, Flower worked the following hours: Monday, 8; Tuesday, 9; Wednesday, 9;Thursday, 10; Friday, 10; Sunday, 7. Calculate the total gross wages.a) $480.00.b) $534.00.c) $648.00.d) $702.00.e) $642.00.
Determine the gross pay for each employee listed below. When necessary, round intermediate calculations and the final answer to the nearest cent. Nicole Smith's yearly salary is $87,360.00. During the week, Smith worked 42 hours, and she is entitled to time-and-a-half for all hours over 40.

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