Floatin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is availablefor each employee:ConsultantComputer ProgrammerAdministratorRegular earnings rate$5,000 per week$80 per hour$50 per hourOvertime earnings rate*Not applicable1.5 times hourly rate2 times hourly rateNumber of withholding allowances212*For hourly employees, overtime is paid for hours worked in excess of 40 hours per week.For the current pay period, the computer programmer worked 46 hours and the administrator worked 50 hours. The federal income tax withheld for allthree employees, who are single, can be determined from the wage bracket withholding table in Exhibit 2. Assume further that the social security taxrate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $81.Determine the gross pay and the net pay for each of the three employees for the current pay period. If required, round your answers to twodecimal places.Gross payNet payConsultantComputer Programmer5,0003,9203,434.30Administrator3,0002,223.42

Payroll Calculations for Floatin Away CompanyConsultant:Regular earnings rate: $5,000 per week…

Answered: Floatin Away Company has three…

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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K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Line Item Description Consultant Computer Programmer Administrator Regular earnings rate $2,510 per week $36 per hour $46 per hour Overtime earnings rate Not applicable 2 times hourly rate 1.5 times hourly rate Federal income tax withheld $925 $252 $495 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 55 hours and the administrator worked 64 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. 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 week are 40 hours. When required round intermediate calculations and final answers to two decimal places. Line Item Description Consultant Computer…
P10-2B. Nickels Company of Windsor has five salaried employees. Your task is to record the following information in a payroll register for the last week of March. Use the tables in the chapter appendices to determine deductions. Employee Frank Suko Department Claim Code Weekly Salary $ 580 Sales Alberta Nobel Office 1 1,130 Jeremy Vijayan Nancy James Office Sales 4 560 Assume that each employee contributes $14 per week for union dues. Completing the payroll register
Calculate Payroll 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 $4,000 per week $60 per hour $50 per hour Overtime earnings rate* Not applicable 1.5 times hourly rate 2 times hourly rate Number of withholding allowances 2 1 2 *For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 50 hours and the administrator worked 48 hours. The federal income tax withheld for all three employees, who are single, can be determined from the wage bracket withholding table in Exhibit 2. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $75. Determine the gross pay and the net pay for each of the three employees for the…
Ayayai Company began operations on January 2, 2019. It employs 9 individuals who work 8-hour days and are paid hourly. Each employee earns 9 paid vacation days and 7 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows. Actual Hourly Sick Days Used by Each Employee Vacation Days Used Wage Rate by Each Employee 2019 2020 2019 2020 2019 2020 $6 $7 5 Ayayai Company has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when earned and to accrue sick pay when earned.
A company pays its employees $1,750 each Friday, which amounts to $350 per day for the five-day workweek that begins on Monday. If the monthly accounting period ends on Thursday and the employees worked through Thursday, the amount of salaries earned but unpaid at the end of the accounting period is: Multiple Choice O O O O $1,050. $1,400. $350. $1,750. $700.
McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: Salaries and wages earned$520,000 Employee income taxes withheld 48,100 FICA taxes withheld 37,180 Unemployment taxes 3,615 Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March. Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer payroll taxes) and record employer’s FICA taxes and unemployment taxes. Employees were paid in March but amounts withheld were not yet remitted.
Peter Jones is paid $13.76 per hour. During the past week, he worked 44 hours, and he is a covered employee who must be paid for overtime. Calculate his gross pay using the overtime premium approach. Round your overtime rate to two decimal places and use the rounded amount in subsequent computations. Round your final answers to the nearest cent. a. Regular pay (44 hours) b. Overtime premium pay c. Gross pay $ $
Calculate Payroll 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 $28 per hour Administrator $42 per hour 1.5 times hourly rate 2 times hourly rate 2 Regular earnings rate Overtime earnings rate Number of withholding allowances Gross pay Net pay $3,210 per week Not applicable 3 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…
Calculate Payroll 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 $3,210 per week $32 per hour $42 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…
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Calculate payrollK. Mello Company has three employees—a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant ComputerProgrammer Administrator Regular earnings rate $5,000 perweek $50 per hour $60 per hour Overtime earnings rate Not applicable 2 times hourly rate 1.5 times hourlyrate Federal income taxwithheld $1,150 $428 $572 For the current pay period, the computer programmer worked 48 hours and the administrator worked 51 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%.Determine the gross pay and the net pay for each of the three employees for the current pay period.
Compute payroll K. Mello 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 $55 per hour Regular earnings rate Overtime earnings rate 2 times hourly rate Federal income tax withheld $452 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 46 hours and the administrator worked 50 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. Determine the gross pay and the net pay for each of the three employees for the current pay period. When required round intermediate calculations and final answers to two decimal places. Computer Programmer Consultant Gross pay Net pay $6,000 per week Not applicable $1,380 $70 per hour 1.5 times hourly rate $642 Administrator

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