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 contributi United Way. Stanley worked 58 hours during the week. (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Compute Stanley's gross pay and net pay for the week. Assume earnings to date are $18,000. (Round all amounts to the nearest cent.) Begin by computing Stanley's gross pay for the week. Gross Pay More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% on all earnings; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Print Done - X

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 contributi United Way. Stanley worked 58 hours during the week. (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Compute Stanley's gross pay and net pay for the week. Assume earnings to date are $18,000. (Round all amounts to the nearest cent.) Begin by computing Stanley's gross pay for the week. Gross Pay More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% on all earnings; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Print Done - X

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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