Gross earnings is______________________. An amount of money paid to an employee at a specified rate per hour worked A fixed amount of money paid to an employee for each pay period The total amount of money an employee earns in a pay period; also called gross pay A record of the time an employee arrives at work, leaves work, and the total number of hours worked each day

Gross earnings is______________________. An amount of money paid to an employee at a specified rate per hour worked A fixed amount of money paid to an employee for each pay period The total amount of money an employee earns in a pay period; also called gross pay A record of the time an employee arrives at work, leaves work, and the total number of hours worked each day

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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Compute Keegan Jordan's earnings using the three methods described above. Assume the rate for Job A is $17.85 per hour and $19.95 per hour for Job B. Of the 44 hours worked during the week, 22 hours were completed for Job A and 22 hours complete for Job B. Higher Rate for Overtime Hours Regular Hours, Job A fill in the blank 5cd3d70a5fc9071_1 Hourly Rate, Job A $fill in the blank 5cd3d70a5fc9071_2 Regular Total Pay, Job A $ fill in the blank 5cd3d70a5fc9071_3 Regular Hours, Job B fill in the blank 5cd3d70a5fc9071_4 Hourly Rate, Job B fill in the blank 5cd3d70a5fc9071_5 Regular Total Pay, Job B fill in the blank 5cd3d70a5fc9071_6 Overtime Hours fill in the blank 5cd3d70a5fc9071_7 Overtime Rate fill in the blank 5cd3d70a5fc9071_8 Overtime Total Pay fill in the blank 5cd3d70a5fc9071_9 Total Gross Earnings $ fill in the blank 5cd3d70a5fc9071_10
Can you help with this question, please? Amount to BeWithheld Employee FilingStatus No. of WithholdingAllowances Gross Wageor Salary PercentageMethod Wage-BracketMethod Lennon, A. MFJ N/A $675 weekly Starr, P. MFJ N/A 1,929 weekly McNeil, S. S N/A 1,775 biweekly Harrison, W. HH N/A 2,580 semimonthly Smythe, M. HH N/A 5,380 monthly
Why must pay rate information be a part of an employee’s payroll file? A. As a means of tracking time worked for overtime compensation purposesB. To ensure that the employee receives all compensation earnedC. As a means of ensuring pay equality among employeesD. To document satisfaction of court-ordered obligations
For the year ended December 31, Lopez Company implements an employee bonus program based on company net income, which the employees share equally. Lopez’s bonus expense is computed as $14,563. 1. Prepare the journal entry at December 31 to record the bonus due the employees. 2. Prepare the later journal entry at January 19 to record payment of the bonus to employees.
The information for Titan Company, shown in the following chart, is available from Titan's time records and the employees' individual earnings records for the pay period ended December 22. Name Hours Worked Earnings at End of Previous Week Total Earnings Class. Federal Income Tax Other Deductions Albee, C. 44 63,365.00 1,645.00 Sales 197.05 UW 25.00 Don, V. 40 136,378.00 2,837.00 Sales 494.80 AR 95.00 Fine, J. 40 76,835.00 1,504.00 Sales 173.70 UW 20.00 Ginny, N. 46 33,507.00 662.00 Office 47.15 UW 40.00 Johnson, J. 47 57,079.00 1,112.00 Office 115.10 UW 20.00 Lund, D. 43 111,820.00 2,098.00 Sales 309.55 UW 25.00 Maya, R. 42 66,834.00 1,307.00 Sales 144.85 AR 75.00 Nord, P. 41 36,761.00 722.00 Sales 55.95 UW 25.00 Oscar, T. 43 93,582.00 1,831.00 Sales 242.80 UW 30.00 Troy, B. 40 47,255.00 931.00 Sales 87.95 UW 15.00…
Which of the following is true about employee pay methods? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) O Employees must request the transfer of payroll earnings to their paycard each period. Employees must be able to access the full amount of their net pay on the pay date. O Employees do not need to own a bank account to receive their pay via direct deposit. O Employers must keep a record of all pay disbursements.
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Choose the best definition of gross pay A. The number of hours over 40 that are worked in a week. B. A fixed amount of wages paid, usually on a yearly basis, regardless of how many hours are worked. C. The amount of money earned for a specific amount of time before any deductions are made.
Completing the Payroll Register The Employee Payroll Register presents all the computations previously performed as it applies to this payroll period. Complete the following steps (if a field should be blank, leave it blank): Record the amount to be withheld for group insurance. Record the amount to be withheld for health insurance. Each worker is to be paid by check. Assign check numbers provided to the correct employee. Compute the net pay for each employee. Total the input columns. KIPLEY COMPANY, INC.Payroll RegisterFor Period Ending January 8, 20-- EARNINGS DEDUCTIONS NET PAY Name Gross OASDI HI FIT SIT SUTA CIT SIMPLE Grp. Ins. Health Ins. Ck. No. Amount Carson, F. $700.00 $43.40 $10.15 $48.00 $21.49 $0.42 $21.00 $20.00 Wilson, W. 897.04 55.62 13.01 68.00 27.54 0.54 26.91 50.00 Utley, H. 678.75 42.08 9.84 14.00 20.84 0.41 20.36 40.00 Fife, L. 877.10 54.38 12.72 33.00 26.93 0.53 26.31 50.00 Smith, L. 790.00 48.98 11.46 59.00…
Alpine Company pays its employees time-and-a-half for hours worked in excess of 40 per week. The information available from time cards and employees’ individual earnings records for the pay period ended October 14 is shown in the following chart: Earnings at End Daily Time Income Tax Name of Previous Week M T W T F S Pay Rate Allowances or Amount Bardin, J. 43,627.00 8 8 8 8 8 2 21.30 2 Caris, A. 44,340.00 8 8 8 8 8 8 21.60 1 Drew, W. 43,845.00 8 10 10 8 8 0 21.50 1 Garen, S. 117,600.00 8 8 8 8 8 0 49.00 $227.83 North, O. 43,875.00 8 8 8 8 8 5 21.40 3 Ovid, N. 40,150.00 8 8 8 8 8 0 21.50 1 Ross, J. 6,430.00 8 8 8 8 8 4 20.50 1 Springer, O. 44,175.00 8 8 8 8 8 3 21.25 2 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. *Round to the nearest penny. Required: 1. Complete the payroll register…
Which of the following accounts represents the "take-home pay" or "net pay" related to employees? EMPLOYEE BENEFITS PAYABLE OPAYROLL TAX EXPENSE SALARY EXPENSE SALARY PAYABLE TO EMPLOYEES
When an employer does not have a sophisticated time-keeping system, it is valid to accrue a percentage of wages at end-of-period based on:a. it is never valid to estimate an end-of-period adjustment.b. a percentage based on the previous period's payroll (for example. 4 out of 5 days = 80% x prior payroll).c. a percentage that external auditors provide the payroll clerk.d. a percentage suggested by the IRS.

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	An amount of money paid to an employee at a specified rate per hour worked
	A fixed amount of money paid to an employee for each pay period
	The total amount of money an employee earns in a pay period; also called gross pay
	A record of the time an employee arrives at work, leaves work, and the total number of hours worked each day