Need answer the accounting question Justin is a salaried exempt working with a contract thatstipulates 40 hours per week at $60,000 per year. Thisweek there was a company-paid holiday for 2 days. ForJustin's pay: (Do not round intermediate calculations andround your final answers to 2 decimal places.)Regular PayHoliday PayGross Pay

Detailed explanation:Regular Pay Calculation : Annual Salary = $60,000Weekly Salary = $60,000 / 52…

Answered: Justin is a salaried exempt working…

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 5PA

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Accounting for bonus and vacation pay Cathy Muench a factory worker, earns 1,000 each week. In addition, she will receive a 4,000 bonus at year-end and a four-week paid vacation. Prepare the entry to record the weekly payroll and the costs and liabilities related to the bonus and the vacation pay, assuming that Muench is the only employee.
Financial Accounting
Your monthly salary is $4,160 and your pay period changed to a bi-weekly pay. You work 40 hours per week and are paid 1.5 times (one and a half) your hourlywage for overtime. a. Find your new bi-weekly pay. Round to the nearest cent b. Calculate your hourly rate of pay for your standard work week and hourly rate. your overtime Standard hourly rate: Overtime hourly rate: Round to the nearest cent c. If you worked 43 hours one week and 47 hours the next week, whatwould your total pay be in that bi-weekly pay period? Round to the nearestcent
Edward Dorsey is a part-time employee, and during the biweekly pay period he earned $395. In addition, he is being paid a bonus of $300 along with his regular pay. If Dorsey is single and claims two withholding allowances, how much would be deducted from his pay for FIT? Hint: There are two ways to determine his deduction—do not use tables for percentage method. a. Wage-bracket table $ b. Percentage method
Thomas Martin receives an hourly wage rate of $15, with time-and-a-half pay for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $370; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? Round your answer to the nearest whole dollar. Oa. $720 Ob. $780 Oc. $1,080 Od. $1,440
Hanasben
Thomas Martin receives an hourly wage rate of $17, with time-and-a-half pay for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $324; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? Round your answer to the nearest whole dollar. O a. $1,564 O b. $782 O c. $833 O d. $1,173
Rai's base pay rate is $11 per hour, with overtime pay of time-and-a-half, and double-time for holidays. Calculate her gross pay if she worked 6 holiday hours in addition to 39.5 hours Monday through Saturday. (Round your answer to the nearest cent.) a) $434.50 b) $500.50 c) $533.50 d) $566.50
Sadie White receives an hourly rate of $30, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $300; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the net amount to be paid to White? $1,560 $1,260 $1,443 $1,143
Thomas Martin receives an hourly wage rate of $20, with time-and-a-half pay for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 42; federal income tax withheld, $361; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? Round your answer to the nearest whole dollar. a.$1,260 b.$860 c.$840 d.$1,680
Thomas Martin receives an hourly wage rate of $25, with time-and-a-half pay for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 47; federal income tax withheld, $373; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? Round your answer to the nearest whole dollar. a. $1,175 b. $1,263 c. $2,350 Od. $1,763
River Signorini works for New & Old Apparel, which pays employees on a semimonthly basis. River's annual salary is $170,500. Required: Calculate the following: Note: Round your final answers to 2 decimal places. Pay Date October 15 December 31 Prior YTD Earnings 0.00 $ Social Security Taxable Wages $ Medicare Taxable Wages 6,675.00 $ 7,104.16 Employer Share Social Security Tax $1 417.35 ✪ Employer Share Medicare Tax $ $ 103 53 207.06

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