Calculate PayrollBreakin Away Company has three employees—a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: ConsultantComputer ProgrammerAdministratorRegular earnings rate$4,000 per week $60 per hour $50 per hour Overtime earnings rate*Not applicable 1.5 times hourly rate 2 times hourly rate Number of withholding allowances2 1 2 *For hourly employees, overtime is paid for hours worked in excess of 40 hours per week.For the current pay period, the computer programmer worked 50 hours and the administrator worked 48 hours. The federal income tax withheld for all three employees, who are single, can be determined from the wage bracket withholding table in Exhibit 2. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $75.Determine the gross pay and the net pay for each of the three employees for the current pay period. If required, round your answers to two decimal places. Calculate PayrollBreakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for eachemployee:ConsultantComputer ProgrammerAdministratorRegular earnings rate$4,000 per week$60 per hour$50 per hourOvertime earnings rate*Not applicable1.5 times hourly rate2 times hourly rateNumber of withholding allowances1*For hourly employees, overtime is paid for hours worked in excess of 40 hours per week.For the current pay period, the computer programmer worked 50 hours and the administrator worked 48 hours. The federal income tax withheld for all three employees,who are single, can be determined from the wage bracket withholding table in Exhibit 2. Assume further that the social security tax rate was 6.0%, the Medicare tax ratewas 1.5%, and one withholding allowance is $75.Determine the gross pay and the net pay for each of the three employees for the current pay period. If required, round your answers to two decimal places.ConsultantComputer ProgrammerAdministratorGross pay$44,000 V3,3002,800 VNet pay$2,842.84 X2,395.34 | х2,080.84 XFeedbackCheck My Work EXHIBIT 2Table for Percentage Method of Withholding WEEKLY Payroll PeriodWage BracketWithholding Table(a) SINGLE person (including head of household) –If the amount of wages (aftersubtracting withholding allowances) The amount of income taxis:Not over $43....Over-to withhold is:. $0But not over-of excess over--$222 .. $0.00 plus 10%-$767 .. $17.90 plus 15%-$1,796 .. $99.65 plus 25%-$3,700 .. $356.90 plus 28%-$7,992 .. $890.02 plus 33%-$8,025 .. $2,306.38 plus 35%$2,317.93 plus 39.6%$43$43$222$767$222$767McGrath wage bracket$1,796$3,700$7,992$8,025$1,796$3,700$7,992$8,025

Gross pay is the amount they earn before taxes, benefits, and other payroll deductions are deducted…

Answered: Not applicable 1.5 times hourly rate…

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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Calculate Payroll

Breakin Away Company has three employees—a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee:

	Consultant	Computer Programmer	Administrator
Regular earnings rate	$4,000 per week		$60 per hour	$50 per hour
Overtime earnings rate*	Not applicable		1.5 times hourly rate	2 times hourly rate
Number of withholding allowances	2		1	2
*For hourly employees, overtime is paid for hours worked in excess of 40 hours per week.

For the current pay period, the computer programmer worked 50 hours and the administrator worked 48 hours. The federal income tax withheld for all three employees, who are single, can be determined from the wage bracket withholding table in Exhibit 2. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $75.

Determine the gross pay and the net pay for each of the three employees for the current pay period. If required, round your answers to two decimal places.