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EXERCISE 7-2 Lisa Meilo works for Pacific Company, which pays its employees time- and-a-half for all hours worked in excess of 40 per week. Meilo's pay rate is $37 per hour. Her wages are subject to federal income tax, a Social Security tax deduction at the rate of 6.2 percent, and a Medicare tax deduction at the rate of 1.45 percent. She is married and claims three allowances. Meilo has an unpaid half-hour lunch break during an 8½-hour day. In the most recent pay period, she worked 50 hours. Meilo's beginning cumulative earnings are $73,654. Complete the following: hours at straight time × $. hours overtime X $ a. b. c. Total gross pay d. Federal income tax withholding e. Social Security tax withholding at 6.2 percent f. Medicare tax withholding at 1.45 percent g. Total withholding h. Net pay per hour per hour $ 247.30

EXERCISE 7-2 Lisa Meilo works for Pacific Company, which pays its employees time- and-a-half for all hours worked in excess of 40 per week. Meilo's pay rate is $37 per hour. Her wages are subject to federal income tax, a Social Security tax deduction at the rate of 6.2 percent, and a Medicare tax deduction at the rate of 1.45 percent. She is married and claims three allowances. Meilo has an unpaid half-hour lunch break during an 8½-hour day. In the most recent pay period, she worked 50 hours. Meilo's beginning cumulative earnings are $73,654. Complete the following: hours at straight time × $. hours overtime X $ a. b. c. Total gross pay d. Federal income tax withholding e. Social Security tax withholding at 6.2 percent f. Medicare tax withholding at 1.45 percent g. Total withholding h. Net pay per hour per hour $ 247.30

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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Exercise 7-2
ounting for Cash and Payroll ,4 4 N > c. Lori Terry is paid a commission of 10 percent of her sales, which amounted to $23,650. d. Nicole Smith's yearly salary is $95,500. During the week, she worked 46 hours, and she is entitled to time-and-a-half for all hours over 40. EXERCISE 7-2 Lisa Meilo works for Pacific Company, which pays its employees time- and-a-half for all hours worked in excess of 40 per week. Meilo's pay rate is $37 per hour. Her wages are subject to federal income tax, a Social Security tax deduction at the rate of 6.2 percent, and a Medicare tax deduction at the rate of 1.45 percent. She is married and claims three allowances. Meilo has an unpaid half-hour lunch break during an 8½-hour day. In the most recent pay period, she worked 50 hours. Meilo's beginning cumulative earnings are $73,654. a. b. Complete the following: c. Total gross pay d. hours at straight time × $ hours overtime X $ Federal income tax withholding g. h. Net pay H e. Social Security tax withholding at 6.2 percent f. Medicare tax withholding at 1.45 percent Total withholding 99- Eadaral per hour DELL per hour EXERCISE 7-3 Using the income tax withholding table in Figure 3, pages 293-294, for each employee of Miller Company, determine the net pay for the week ended January 21. Assume a Social Security tax of 6.2 percent and a Medicare tax of 1.45 percent. All employees have cumulative earnings, including this pay period, of less than $118,500. Assume that all employees are married. Social $ 247.30 $ $ < 310 Sh 7:59 4/12/2
Transcribed Image Text:ounting for Cash and Payroll ,4 4 N > c. Lori Terry is paid a commission of 10 percent of her sales, which amounted to $23,650. d. Nicole Smith's yearly salary is $95,500. During the week, she worked 46 hours, and she is entitled to time-and-a-half for all hours over 40. EXERCISE 7-2 Lisa Meilo works for Pacific Company, which pays its employees time- and-a-half for all hours worked in excess of 40 per week. Meilo's pay rate is $37 per hour. Her wages are subject to federal income tax, a Social Security tax deduction at the rate of 6.2 percent, and a Medicare tax deduction at the rate of 1.45 percent. She is married and claims three allowances. Meilo has an unpaid half-hour lunch break during an 8½-hour day. In the most recent pay period, she worked 50 hours. Meilo's beginning cumulative earnings are $73,654. a. b. Complete the following: c. Total gross pay d. hours at straight time × $ hours overtime X $ Federal income tax withholding g. h. Net pay H e. Social Security tax withholding at 6.2 percent f. Medicare tax withholding at 1.45 percent Total withholding 99- Eadaral per hour DELL per hour EXERCISE 7-3 Using the income tax withholding table in Figure 3, pages 293-294, for each employee of Miller Company, determine the net pay for the week ended January 21. Assume a Social Security tax of 6.2 percent and a Medicare tax of 1.45 percent. All employees have cumulative earnings, including this pay period, of less than $118,500. Assume that all employees are married. Social $ 247.30 $ $ < 310 Sh 7:59 4/12/2
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