Lenny Florita, an unmarried employee, works 50 hours in the week ended January 12. His pay rate is $11 per hour, and his wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. He claims two withholding allowances. Compute his regular pay, overtime pay (for this company, workers earn 150% of their regular rate for hours in excess of 40 per week), and gross pay. Then compute his FICA tax deduction (use 6.2% for the Social Security portion and 1.45% for the Medicare portion), income tax deduction (use the wage bracket withholding table from 2nd image .), total deductions, and net pay. (Round your intermediate calculations and final answers to 2 decimal places.)

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Lenny Florita, an unmarried employee, works 50 hours in the week ended January 12. His pay rate is $11 per hour, and his wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. He claims two withholding allowances. Compute his regular pay, overtime pay (for this company, workers earn 150% of their regular rate for hours in excess of 40 per week), and gross pay. Then compute his FICA tax deduction (use 6.2% for the Social Security portion and 1.45% for the Medicare portion), income tax deduction (use the wage bracket withholding table from 2nd image .), total deductions, and net pay. (Round your intermediate calculations and final answers to 2 decimal places.)

 

 

Hours
Hourly Rate
Regular pay
Overtime pay
Gross pay
FICA - Social Security tax deduction
FICA - Medicare tax deduction
Income tax deduction
Total deductions
Net pay
Transcribed Image Text:Hours Hourly Rate Regular pay Overtime pay Gross pay FICA - Social Security tax deduction FICA - Medicare tax deduction Income tax deduction Total deductions Net pay
SINGLE Persons-WEEKLY Payroll Period
If the wages are-
And the number of withholding allowances clalmed Is-
1
2
4
6
7
10
At least
The amount of Income tax to be withheld Is-
%24
t838 8844守等品5
%24
%24
235
Transcribed Image Text:SINGLE Persons-WEEKLY Payroll Period If the wages are- And the number of withholding allowances clalmed Is- 1 2 4 6 7 10 At least The amount of Income tax to be withheld Is- %24 t838 8844守等品5 %24 %24 235
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