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Harvest Company has the following payroll information for the pay period ended April 14: Earnings at End of Previous Daily Time Federal Pay Income Name Week M T W T F S Rate Tax Grant, L. 7,533.00 00 8 8 8 Co 8 0 17.99 55.00 Hamn, R. 6,492.00 8 8 8 8 8 0 18.14 55.00 Lisk, J. 6,749.00 0 8 8 8 8 8 17.79 52.00 Myre, G. 9,778.00 00 8 8 0 8 8 19.20 62.00 Segel, T. 6,519.00 8 8 8 8 8 8 6 17.90 77.00 Torgel, I. 7,460.00 0 8 8 00 8 8 8 18.66 58.00 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Required: 1. Complete the payroll register. The Social Security tax rate is 6.2 percent, and the Medicare tax rate is 1.45 percent. Begin intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations. EARNINGS BEGINNING NAME TOTAL HOURS CUMULATIVE EARNINGS REGULAR OVERTIME TOTAL Grant, L.

Harvest Company has the following payroll information for the pay period ended April 14: Earnings at End of Previous Daily Time Federal Pay Income Name Week M T W T F S Rate Tax Grant, L. 7,533.00 00 8 8 8 Co 8 0 17.99 55.00 Hamn, R. 6,492.00 8 8 8 8 8 0 18.14 55.00 Lisk, J. 6,749.00 0 8 8 8 8 8 17.79 52.00 Myre, G. 9,778.00 00 8 8 0 8 8 19.20 62.00 Segel, T. 6,519.00 8 8 8 8 8 8 6 17.90 77.00 Torgel, I. 7,460.00 0 8 8 00 8 8 8 18.66 58.00 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Required: 1. Complete the payroll register. The Social Security tax rate is 6.2 percent, and the Medicare tax rate is 1.45 percent. Begin intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations. EARNINGS BEGINNING NAME TOTAL HOURS CUMULATIVE EARNINGS REGULAR OVERTIME TOTAL Grant, L.

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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am. 121.

Harvest Company has the following payroll information for the pay period ended April 14: Earnings at End of Previous Daily Time Federal Pay Income Name Week M T W T F S Rate Tax Grant, L. 7,533.00 00 8 8 8 Co 8 0 17.99 55.00 Hamn, R. 6,492.00 8 8 8 8 8 0 18.14 55.00 Lisk, J. 6,749.00 0 8 8 8 8 8 17.79 52.00 Myre, G. 9,778.00 00 8 8 0 8 8 19.20 62.00 Segel, T. 6,519.00 8 8 8 8 8 8 6 17.90 77.00 Torgel, I. 7,460.00 0 8 8 00 8 8 8 18.66 58.00 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Required: 1. Complete the payroll register. The Social Security tax rate is 6.2 percent, and the Medicare tax rate is 1.45 percent. Begin intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations. EARNINGS BEGINNING NAME TOTAL HOURS CUMULATIVE EARNINGS REGULAR OVERTIME TOTAL Grant, L.
Transcribed Image Text:Harvest Company has the following payroll information for the pay period ended April 14: Earnings at End of Previous Daily Time Federal Pay Income Name Week M T W T F S Rate Tax Grant, L. 7,533.00 00 8 8 8 Co 8 0 17.99 55.00 Hamn, R. 6,492.00 8 8 8 8 8 0 18.14 55.00 Lisk, J. 6,749.00 0 8 8 8 8 8 17.79 52.00 Myre, G. 9,778.00 00 8 8 0 8 8 19.20 62.00 Segel, T. 6,519.00 8 8 8 8 8 8 6 17.90 77.00 Torgel, I. 7,460.00 0 8 8 00 8 8 8 18.66 58.00 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Required: 1. Complete the payroll register. The Social Security tax rate is 6.2 percent, and the Medicare tax rate is 1.45 percent. Begin intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations. EARNINGS BEGINNING NAME TOTAL HOURS CUMULATIVE EARNINGS REGULAR OVERTIME TOTAL Grant, L.
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