Floatin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available foreach employee:Regular earnings rateOvertime earnings rate*Consultant$3,310 per weekNot applicableGross payNet payComputer Programmer$30 per hour1.5 times hourly rate2Number of withholding allowances3*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 60 hours and the administrator worked 50 hours. The federal income tax withheld for all threeemployees, who are single, can be determined by adding $276.54 to 24% of the difference between the employee's amount subject to withholding and$1,692.00. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $81.Administrator$42 per hour2 times hourly rate1Determine 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 40hours. If required, round your answers to two decimal places.ConsultantComputer Programmer.Administrator

Payroll is the method used to determine and pay employees for the job they have completed while…

Floatin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available f each employee: Consultant Gross pay Net pay Computer Programmer $30 per hour 1.5 times hourly rate 2 Regular earnings rate. Overtime earnings rate 3 Number of withholding allowances *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 60 hours and the administrator worked 50 hours. The federal income tax withheld for all the employees, who are single, can be determined by adding $276.54 to 24% of the difference between the employee's amount subject to withholding and $1,692.00. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $81. $3,310 per week Not applicable Administrator $42 per hour 2 times hourly rate 1 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. If required, round your answers to two decimal places. Consultant Computer Programmer. Administrator

Floatin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available f each employee: Consultant Gross pay Net pay Computer Programmer $30 per hour 1.5 times hourly rate 2 Regular earnings rate. Overtime earnings rate 3 Number of withholding allowances *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 60 hours and the administrator worked 50 hours. The federal income tax withheld for all the employees, who are single, can be determined by adding $276.54 to 24% of the difference between the employee's amount subject to withholding and $1,692.00. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $81. $3,310 per week Not applicable Administrator $42 per hour 2 times hourly rate 1 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. If required, round your answers to two decimal places. Consultant Computer Programmer. Administrator

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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