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K. Mello Company has three employees-a cons Consultant Regular earnings rate $3,210 per wee Overtime earnings rate Federal income tax withheld Not applicab $92 For hourly employees, overtime is paid for hou For the current pay period, the computer prog 1.5%. This information has been collected in the Micr X Open spreadsheet Determine the gross pay and the net pay for e intermediate calculations and final answe Consultant Gross pay Net pay

K. Mello Company has three employees-a cons Consultant Regular earnings rate $3,210 per wee Overtime earnings rate Federal income tax withheld Not applicab $92 For hourly employees, overtime is paid for hou For the current pay period, the computer prog 1.5%. This information has been collected in the Micr X Open spreadsheet Determine the gross pay and the net pay for e intermediate calculations and final answe Consultant Gross pay Net pay

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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K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Computer Programmer Regular earnings rate Consultant $3,210 per week Overtime earnings rate Not applicable $925 $32 per hour Administrator $42 per hour 2 times hourly rate 1.5 times hourly rate Federal income tax withheld $240 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. $515 For the current pay period, the computer programmer worked 54 hours and the administrator worked 63 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. ☑ Open spreadsheet 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. Gross pay Net pay Consultant Computer Programmer Administrator
Transcribed Image Text:K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Computer Programmer Regular earnings rate Consultant $3,210 per week Overtime earnings rate Not applicable $925 $32 per hour Administrator $42 per hour 2 times hourly rate 1.5 times hourly rate Federal income tax withheld $240 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. $515 For the current pay period, the computer programmer worked 54 hours and the administrator worked 63 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. ☑ Open spreadsheet 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. Gross pay Net pay Consultant Computer Programmer Administrator
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