EX 11-9 Calculate payroll An employee earns $25 per hour and 2 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 48 hours during the week. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $239.15. ов). 2 Vb. Net pay, $1,055.85 Show Me How a. Determine the gross pay for the week. b. Determine the net pay for the week.

EX 11-9 Calculate payroll An employee earns $25 per hour and 2 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 48 hours during the week. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $239.15. ов). 2 Vb. Net pay, $1,055.85 Show Me How a. Determine the gross pay for the week. b. Determine the net pay for the week.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: 19. The study of the effects of output volume on revenue, expenses and net income is known as A. O…

A: Budgeting, cvp analysis is part of cost management to evaluate costing system of a business.

Q: 28. The average length of time between the purchase of raw material and labor and the payment of…

A: For a company to generate cash, the process begins with purchasing raw materials which are then…

Q: When is the predetermined overhead rate usually calculated

A: Option A is wrong because if the predetermined overhead rate is calculated at the end of the year,…

Q: Labor rate variance is calculated as: Difference of standard hours and actual hours multiplied by…

A: Labor rate variance is a measure used in cost accounting to quantify the difference between the…

Q: How was the mark up per consulting hour of 52 calculated?

A: Activity-based costing: This costing is an accounting methodology that is based on assigning the…

Q: Can you please explain what we mean by "Short-run" and "long-run" for decision-making in cost…

A: The executive management team of a corporation uses cost accounting to determine all variable and…

Q: Data Year 2 Quarter Year 3 Quarter 1 2 3 4. 1 Budgeted unit sales 40,000 60,000 100,000 50,000…

A: Income Statement is a part of financial statement showing the amount of net profit earned by a…

Q: Based on expected production and sales of 36,320 units, a company's flexible budget shows fixed…

A: Flexible budget is that type of budget which changes or fluctuates on the basis of activity level.…

Q: Find: a. The maintained markup in dollars and percentages. b. The gross margin in dollars and…

A: Formulas used: Maintained Mark up $ = Gross Margin$ - Cash Discounts +Alternations Gross Margin $ =…

Q: When using the weighted-average method, EUP for a period equal the number of units O A. (1)…

A: Equivalent units means where the some goods remain incomplete at the end of process and we need to…

Q: How do you get total of period cost?

A: Period Costs are not directly associated with the finished products manufactured, rather associated…

Q: Which one of the following is defined, at any given sales volume, as the ratio of the total…

A: Contribution margin is Sales less variable expenses at any given volume. Operating profit is…

Q: Describe the specific process required by the unit cost comparison for the use of annual worth…

A: A unit cost comparison is required for the use of annual worth analysis because companies often…

Q: Sort the following contribution margin income statement line items in the correct order from top…

A: In a Contribution Margin Income Statement, the variable cost are reduced from sales revenue to get…

Q: Record the materials costs, including the unfavorable quantity and favorable price variances. Note:…

A: Materials price variance is the difference between the actual price paid for materials to budgeted…

Q: A utility bill consisting of a monthly base, plus an added amount based on usage, is classified as…

A: A utility bill that includes a monthly base plus an additional amount based on usage is not…

Q: Selling price Direct labor costs Other variable costs D $181.00 $283.20 28.60 E 90 83.60 78 F…

A: Direct labor expenses are a substantial component of overall production costs since they include…

Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

Question

100%

a. Determine the gross pay for the week.

b. Determine the net pay for the week.

EX 11-9 Calculate payroll
An employee earns $25 per hour and 2 times that rate for all hours in excess of 40 hours
per week. Assume that the employee worked 48 hours during the week. Assume further
that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal
income tax to be withheld was $239.15.
ов). 2
Vb. Net pay,
$1,055.85
Show
Me
How
a. Determine the gross pay for the week.
b. Determine the net pay for the week.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Define the term Annual operating cost:?
The direct labor rate variance is calculated by multiplying the standard hours that should have been worked for the actual output by the difference between the standard labor rate and the actual labor rate. O True O False
Annual equivalent cost (AEC),
Which one is the correct answer?
prepare an income statement for last year using variable costing
Current Attempt in Progress Tamarisk Company reports the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary From the information: $14,800 12,120 3,840 47,120 77,440 132,480 8,000 Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising Office supplies used $66,480 44,320 2,400 1,280 1,920 14,400 2,510
Help question 37
When preparing a forecasted contribution margin income statement and you are given the units produced, how do you compute dollars per unit?
The following information was also made available:1. Expenses are to be allocated as follows:.............................. Factory ................ AdministrationElectricity and power ..... 90% ......................... 10%Repairs ...................... 80% ......................... 20%Rates and insurance ........ 70% ......................... 30%2. Closing inventories included: raw materials Â£5,600; loose tools and utensils Â£3,200; finished goods Â£7,800; and work-in-progress Â£5,000.3. Bad debts amounting to Â£1,000 are to be written off and the provision for doubtful debts reduced to Â£1,200.4. The following amounts have yet to be provided for in the trial balance: electricity and power Â£1,600 and new machinery Â£1,000.5. The following amounts have been prepaid as at the year end: rates Â£600 and vehicle licenses on sales representatives' cars Â£80.6. A vehicle costing Â£3,000 and written down to Â£1,000 was sold for Â£1,200. None of these entries have been recorded in the trial…
The number of production units that could have been completed within a given accounting period, given the resources consumed is called what? Group of answer choices equal units of production equivalent units of production partial units of production projected units of production