Floatin Away Company has three employees a consultant, a computer programmer, and an administrator. The following payroll information is available f each employee: Consultant $3,310 per week Not applicable Computer Programmer $30 per hour 1.5 times hourly rate 2 Regular earnings rate. Overtime earnings rate* Number of withholding allowances 3 *For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. Gross pay Net pay Administrator 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. $42 per hour 2 times hourly rate 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 $3,310 per week Not applicable Computer Programmer $30 per hour 1.5 times hourly rate 2 Regular earnings rate. Overtime earnings rate* Number of withholding allowances 3 *For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. Gross pay Net pay Administrator 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. $42 per hour 2 times hourly rate 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Floatin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for
each employee:
Consultant
Gross pay
Net pay
Computer Programmer
$30 per hour
1.5 times hourly rate
2
Regular earnings rate
Overtime earnings rate
Number of withholding allowances
3
*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 three
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faaae2147-9264-47d1-984e-b2380e2f6ae6%2Ff58bc314-5467-410f-b172-563261daf42a%2Farg62y_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Floatin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for
each employee:
Consultant
Gross pay
Net pay
Computer Programmer
$30 per hour
1.5 times hourly rate
2
Regular earnings rate
Overtime earnings rate
Number of withholding allowances
3
*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 three
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
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