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Empl Hrs OT Rate Gross FIT FICA 0010 40 5 $12 $570 $57 $43.61 $15 $5 0011 40 0 $16 $640 $64 $48.96 $15 $0 1101 $78,000 $1,500 $300 $114.75 - $200 $12 Calculate the net pay for employee 1101. The overtime rate is time-and-a-half. A. $449.40 B. $512.04 C. $873.25 D. $903.00 Health Dental Net

Empl Hrs OT Rate Gross FIT FICA 0010 40 5 $12 $570 $57 $43.61 $15 $5 0011 40 0 $16 $640 $64 $48.96 $15 $0 1101 $78,000 $1,500 $300 $114.75 - $200 $12 Calculate the net pay for employee 1101. The overtime rate is time-and-a-half. A. $449.40 B. $512.04 C. $873.25 D. $903.00 Health Dental Net

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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The image presents a table and a multiple-choice question related to calculating net pay for an employee. Below is a detailed transcription and explanation suitable for an educational website. --- ### Payroll Calculation Example #### Employee Payroll Details | Empl | Hrs | OT | Rate | Gross | FIT | FICA | Health | Dental | Net | |------|-----|----|------|-------|-----|------|--------|--------|-----| | 0010 | 40 | 5 | $12 | $570 | $57 | $43.61 | $15 | $5 | | | 0011 | 40 | 0 | $16 | $640 | $64 | $48.96 | $15 | $0 | | | 1101 | - | - | - | $78,000 | $1,500 | $300 | $114.75 | $200 | $12 | #### Question: Calculate the net pay for employee 1101. The overtime rate is time-and-a-half. #### Options: A. $449.40 B. $512.04 C. $873.25 D. $903.00 #### Explanation The table provided includes the following columns: - **Empl:** Employee number. - **Hrs:** Hours worked. - **OT:** Overtime hours worked. - **Rate:** Hourly rate. - **Gross:** Gross pay. - **FIT:** Federal Income Tax withheld. - **FICA:** FICA (Social Security and Medicare) taxes withheld. - **Health:** Health insurance deductions. - **Dental:** Dental insurance deductions. - **Net:** Net pay after all deductions. **Graph/Diagram Explanation:** The table does not include any graphs or diagrams but lists specific financial metrics for three employees. For **employee 1101**, the calculations required are: - Federal Income Tax: $300 - FICA: $114.75 - Health: $200 - Dental: $12 Using the information provided: - **Gross Pay:** $1500.00 (weekly pay) - **Deductions Total:** - Federal Income Tax: $300.00 - FICA: $114.75 - Health: $200.00 - Dental: $12.00 - **Total Deductions: $
Transcribed Image Text:The image presents a table and a multiple-choice question related to calculating net pay for an employee. Below is a detailed transcription and explanation suitable for an educational website. --- ### Payroll Calculation Example #### Employee Payroll Details | Empl | Hrs | OT | Rate | Gross | FIT | FICA | Health | Dental | Net | |------|-----|----|------|-------|-----|------|--------|--------|-----| | 0010 | 40 | 5 | $12 | $570 | $57 | $43.61 | $15 | $5 | | | 0011 | 40 | 0 | $16 | $640 | $64 | $48.96 | $15 | $0 | | | 1101 | - | - | - | $78,000 | $1,500 | $300 | $114.75 | $200 | $12 | #### Question: Calculate the net pay for employee 1101. The overtime rate is time-and-a-half. #### Options: A. $449.40 B. $512.04 C. $873.25 D. $903.00 #### Explanation The table provided includes the following columns: - **Empl:** Employee number. - **Hrs:** Hours worked. - **OT:** Overtime hours worked. - **Rate:** Hourly rate. - **Gross:** Gross pay. - **FIT:** Federal Income Tax withheld. - **FICA:** FICA (Social Security and Medicare) taxes withheld. - **Health:** Health insurance deductions. - **Dental:** Dental insurance deductions. - **Net:** Net pay after all deductions. **Graph/Diagram Explanation:** The table does not include any graphs or diagrams but lists specific financial metrics for three employees. For **employee 1101**, the calculations required are: - Federal Income Tax: $300 - FICA: $114.75 - Health: $200 - Dental: $12 Using the information provided: - **Gross Pay:** $1500.00 (weekly pay) - **Deductions Total:** - Federal Income Tax: $300.00 - FICA: $114.75 - Health: $200.00 - Dental: $12.00 - **Total Deductions: $
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