Lisa Meilo works for Pacific Company, which pays its employees time-and-a-half for all hours worked in excess of 40 per week. Meilo's pay rate is $37 per hour. Her wages are subject to federal income tax, a Social Security tax deduction at the rate of 6.2 percent, and a Medicare tax deduction at the rate of 1.45 percent. She is married and claims three allowances. Meilo has an unpaid half-hour lunch break during an 8½-hour day. In the most recent pay period, she worked 50 hours. Meilo's beginning cumulative earnings are $73,654. Complete the following. If required, round all intermediate calculations and answers to the nearest cent, use rounded answers in subsequent computations a. fill in the blank 1 hours at straight time × $ fill in the blank 2 per hour $fill in the blank 3 b. fill in the blank 4 hours overtime × $fill in the blank 5 per hour fill in the blank 6 c. Total gross pay $fill in the blank 7
Lisa Meilo works for Pacific Company, which pays its employees time-and-a-half for all hours worked in excess of 40 per week. Meilo's pay rate is $37 per hour. Her wages are subject to federal income tax, a Social Security tax deduction at the rate of 6.2 percent, and a Medicare tax deduction at the rate of 1.45 percent. She is married and claims three allowances. Meilo has an unpaid half-hour lunch break during an 8½-hour day. In the most recent pay period, she worked 50 hours. Meilo's beginning cumulative earnings are $73,654. Complete the following. If required, round all intermediate calculations and answers to the nearest cent, use rounded answers in subsequent computations a. fill in the blank 1 hours at straight time × $ fill in the blank 2 per hour $fill in the blank 3 b. fill in the blank 4 hours overtime × $fill in the blank 5 per hour fill in the blank 6 c. Total gross pay $fill in the blank 7
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Lisa Meilo works for Pacific Company, which pays its employees time-and-a-half for all hours worked in excess of 40 per week. Meilo's pay rate is $37 per hour. Her wages are subject to federal income tax, a Social Security tax deduction at the rate of 6.2 percent, and a Medicare tax deduction at the rate of 1.45 percent. She is married and claims three allowances. Meilo has an unpaid half-hour lunch break during an 8½-hour day. In the most recent pay period, she worked 50 hours. Meilo's beginning cumulative earnings are $73,654.
Complete the following. If required, round all intermediate calculations and answers to the nearest cent, use rounded answers in subsequent computations
| a. fill in the blank 1 hours at straight time × $ fill in the blank 2 per hour |
$fill in the blank 3 |
|
| b. fill in the blank 4 hours overtime × $fill in the blank 5 per hour | fill in the blank 6 | |
| c. Total gross pay |
$fill in the blank 7 |
|
| d. Federal income tax withholding | $247.30 | |
| e. Social Security tax withholding at 6.2 percent | fill in the blank 8 | |
| f. Medicare tax withholding at 1.45 percent | fill in the blank 9 | |
| g. Total withholding | fill in the blank 10 | |
| h. Net pay |
$fill in the blank 11 |
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