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 Regular earnings rate. $2,610 per week $36 per hour Overtime earnings rate. Not applicable 2 times hourly rate $243 Federal income tax withheld $910 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. Administrator For the current pay period, the computer programmer worked 53 hours and the administrator worked 61 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. Gross pay Net pay $48 per hour 1.5 times hourly rate $505 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. Consultant Computer Programmer 2,610 Administrator

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Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.