Provide net earnings for the week James and Olivia are shop assistants. James receives a weekly wage of $350 plus acommission of $0.08 in the pound on goods sold. During one week, James sold goodsworth $2,150. The following are deductions from his gross earnings: pension contribution of$42 and income tax of $58. Calculate James' net earnings for the week.

Step 1: Definition of Net EarningsNet Earnings (or take-home pay) is the amount an employee receives…

Answered: James and Olivia are shop assistants.…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 1PB

See similar textbooks

Similar questions

Audrey Martin and Beth James are partners in the Country Gift Shop, which employs the individuals listed below. Paychecks are distributed every Friday to all employees. Based on the information given, compute the amounts listed below for a weekly payroll period. Employers OASDI Tax ________ Employers HI Tax ________
Calculate kelvin net earning for the week
Kelvin and Emma are shop assistants solve this question
Peter works for Company G and gets paid monthly. He made $8,500 throughout the month of January. Each calendar year, the social security tax is 6.2 percent of the first $137,700 of employee earnings, and the Medicare tax is 1.45 percent of all wages. From All Earnings, the FUTA tax rate of.6 percent is imposed. The SUTA tax rate of 5.4 percent is applied to an employee's first $6,000 of salary. Scott's earnings were subject to a $1,325.17 federal income tax withholding. Peter monthly net compensation is:
Calculation of Take-Home Wages (Accounting for Liabilities). Lina Lu is an hourly worker who earns $50 per hour. During the prior week, Lina worked 40 hours. The FICA rate is 6.2% and Medicare Rate is 1.45%. Lina's total wages for this payroll are subject to the aforementioned taxes. In addition, she had deductions of $280 for federal income tax and $80 for insurance contribution. What is her net pay? Can you please show how you came to this answer? Thank you!
Scott is an employee at Company G and is paid monthly. For the month of January, he earned a total of $8,500. The tax for social security is 6.2% of the first $137,700 of employee earnings each calendar year and the tax rate for Medicare is 1.45% of all earnings. The FUTA tax rate of .6% is applied on ALL Earnings. The SUTA tax rate of 5.4% is applied to the first $6,000 of an employee's pay. The amount of federal income tax withheld from Scott’s earnings was $1,325.17. Scott’s net pay for the month is:
Domestic
Employee AA is paid monthly. For the month of January, she earned a total of $8,260. The tax for social security is 6.2% of the first $128,400 of employee earnings each calendar year and the tax rate for Medicare is 1.45% of all earnings. The FUTA tax rate of .6% and the SUTA tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from Employee AA’s earnings was $1,325.17. Employee AA’s net pay for the month is:
Richard Gaziano is a manager for Health Care, Incorporated. Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume a rate of 6.2% on $142, 800 for Social Security and 1.45% for Medicare. Before this payroll, Richard is $1,000 below the maximum level for Social Security earnings. Richard is married, filing jointly and is paid weekly. What is Richard's net pay for the week if he earns $1,750? (Use Table 9.1).
Richard Gaziano is a manager for Health Care, Incorporated. Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume a rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. Before this payroll, Richard is $1,000 below the maximum level for Social Security earnings. Richard is married, filing jointly and is paid weekly. What is Richard's net pay for the week if he earns $1,500? Note: Round your answer to the nearest cent. * Answer is complete but not entirely correct. Net pay $ 1,576.50 X
Dineshbhai
Addison's earnings are subject to deductions for social security, medicare, and FIT. Addison's cummulative earnings are $142,000. This week Addison earns $1,900. Addison who is married, is paid weekly. Assume social security rate is 6.2% on 142,800 and 1.45% for Medicare. Addison's net pay for the week is: (use percentage table in handbook to calculate FIT):

SEE MORE QUESTIONS

Recommended textbooks for you

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781305084087

Author:

Cathy J. Scott

Publisher:

Cengage Learning

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781305084087

Author:

Cathy J. Scott

Publisher:

Cengage Learning

PAYROLL ACCT., 2019 ED.(LL)-TEXT

Accounting

ISBN:

9781337619783

Author:

BIEG

Publisher:

CENGAGE L

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

SEE MORE TEXTBOOKS