Answered: Hired a secretary receptionist at a…

Business

Accounting

Hired a secretary receptionist at a salary of $700 per week payable monthly , journalize

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…
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…
during my practicum internship i was given the task to do Preparation of payroll . what will be my duties and responsibility? with in text citation and references
Computing Overtime Rate of Pay and Gross Weekly Pay Rebecca Huang receives a regular salary of $2,600 a month and is paid 1½ times the regular hourly rate for hours worked in excess of 40 per week. a. Calculate Huang's overtime rate of pay. X overtime pay per hour b. Calculate Huang's total gross weekly pay if she works 45 hours during the week.
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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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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Computing and recording gross and net pay Hugh Stanley manages a Dairy House drive-in. His straight-time pay is $12 per hour, with time-and-a-half for hours in excess of 40 per week. Stanley’s payroll deductions include withheld income tax of 20%, FICA tax, and a weekly deduction of $5 for a charitable contribution to United Way. Stanley worked 58 hours during the week. Requirements Compute Stanley’s gross pay and net pay for the week. Assume earnings to date are $18,000. Journalize Dairy Houses wages expense accrual for Stanley’s work. An explanation is not required. Journalize the subsequent payment of wages to Stanley.