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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: 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

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

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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Compute payroll 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 $36 per hour Overtime earnings rate 2 times hourly rate $243 Federal income tax withheld For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. Consultant $2,610 per week Not applicable $910 Gross pay Net pay 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%. 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 2,610 Administrator $48 per hour 1.5 times hourly rate $505 Computer Programmer Administrator
Transcribed Image Text:Compute payroll 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 $36 per hour Overtime earnings rate 2 times hourly rate $243 Federal income tax withheld For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. Consultant $2,610 per week Not applicable $910 Gross pay Net pay 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%. 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 2,610 Administrator $48 per hour 1.5 times hourly rate $505 Computer Programmer Administrator
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