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One of Hope's coworkers quits, and during the next pay period, Hope works 60 hours instead of 40 to help cover the shifts. Which of the following will definitely change as a result? COMPANY NAME Some Corporation 123 Somewhere Drive, Durham, NC 12345 SSN EMPLOYEE ID 98856 xxxx-xxx-6789 CURRENT TOTAL HOURS 40 600.00 EMPLOYEE NAME Hope Marie Kingsley INCOME GROSS WAGES YTD GROSS 5,400.00 RATE 15.00 YTD DEDUCTIONS 2,836.89 her health insurance her Federal taxes her dental insurance her retirement YTD NET PAY 2,563.11 CHECK NO. 98765 DEDUCTIONS FICA MED TAX FICA SS TAX FED TAX NC ST TAX HEALTH DENTAL RETIREMENT CURRENT TOTAL 600.00 EARNINGS STATEMENT PAY PERIOD 5/1/2020-5/15/2020 CURRENT DEDUCTIONS 315.21 CURRENT TOTAL 8.70 37.20 90.00 34.50 $76.58 $8.23 $60.00 NET PAY 284.79 PAY DATE 5/21/2020 YEAR-TO-DATE 78.30 334.80 810.00 310.50 $689.22 $74.07 $540.00 "Excluded from federal taxable wage

One of Hope's coworkers quits, and during the next pay period, Hope works 60 hours instead of 40 to help cover the shifts. Which of the following will definitely change as a result? COMPANY NAME Some Corporation 123 Somewhere Drive, Durham, NC 12345 SSN EMPLOYEE ID 98856 xxxx-xxx-6789 CURRENT TOTAL HOURS 40 600.00 EMPLOYEE NAME Hope Marie Kingsley INCOME GROSS WAGES YTD GROSS 5,400.00 RATE 15.00 YTD DEDUCTIONS 2,836.89 her health insurance her Federal taxes her dental insurance her retirement YTD NET PAY 2,563.11 CHECK NO. 98765 DEDUCTIONS FICA MED TAX FICA SS TAX FED TAX NC ST TAX HEALTH DENTAL RETIREMENT CURRENT TOTAL 600.00 EARNINGS STATEMENT PAY PERIOD 5/1/2020-5/15/2020 CURRENT DEDUCTIONS 315.21 CURRENT TOTAL 8.70 37.20 90.00 34.50 $76.58 $8.23 $60.00 NET PAY 284.79 PAY DATE 5/21/2020 YEAR-TO-DATE 78.30 334.80 810.00 310.50 $689.22 $74.07 $540.00 "Excluded from federal taxable wage

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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One of Hope's coworkers quits, and during the next pay period, Hope works 60 hours instead of 40 to help cover the shifts. Which of the following will definitely change as a result? COMPANY NAME Some Corporation 123 Somewhere Drive, Durham, NC 12345 EMPLOYEE NAME SSN Hope Marie Kingsley XXXX-XX-6789 EMPLOYEE ID 98856 CURRENT TOTAL HOURS 40 600.00 INCOME GROSS WAGES YTD GROSS 5,400.00 RATE 15.00 YTD DEDUCTIONS 2,836.89 her health insurance her Federal taxes her dental insurance her retirement YTD NET PAY 2,563.11 CHECK NO. 98765 DEDUCTIONS FICA MED TAX FICA SS TAX FED TAX NC ST TAX HEALTH DENTAL RETIREMENT CURRENT TOTAL 600.00 EARNINGS STATEMENT PAY PERIOD 5/1/2020-5/15/2020 CURRENT DEDUCTIONS 315.21 CURRENT TOTAL 8.70 37.20 90.00 34.50 $76.58 $8.23 $60.00 PAY DATE 5/21/2020 YEAR-TO-DATE 78.30 334.80 810.00 310.50 $689.22 $74.07 $540.00 NET PAY 284.79 "Excluded from federal taxable wage
Transcribed Image Text:One of Hope's coworkers quits, and during the next pay period, Hope works 60 hours instead of 40 to help cover the shifts. Which of the following will definitely change as a result? COMPANY NAME Some Corporation 123 Somewhere Drive, Durham, NC 12345 EMPLOYEE NAME SSN Hope Marie Kingsley XXXX-XX-6789 EMPLOYEE ID 98856 CURRENT TOTAL HOURS 40 600.00 INCOME GROSS WAGES YTD GROSS 5,400.00 RATE 15.00 YTD DEDUCTIONS 2,836.89 her health insurance her Federal taxes her dental insurance her retirement YTD NET PAY 2,563.11 CHECK NO. 98765 DEDUCTIONS FICA MED TAX FICA SS TAX FED TAX NC ST TAX HEALTH DENTAL RETIREMENT CURRENT TOTAL 600.00 EARNINGS STATEMENT PAY PERIOD 5/1/2020-5/15/2020 CURRENT DEDUCTIONS 315.21 CURRENT TOTAL 8.70 37.20 90.00 34.50 $76.58 $8.23 $60.00 PAY DATE 5/21/2020 YEAR-TO-DATE 78.30 334.80 810.00 310.50 $689.22 $74.07 $540.00 NET PAY 284.79 "Excluded from federal taxable wage
Expert Solution
Introduction

An earnings statement can be referred to as the payment slip or financial record of the payment extended by the employer to the employee. It consists of the wages earned by the employee in accordance with the number of hours completed in a period say month or week. The statement also consists of deductions such as taxes payables, health insurance premiums, retirement contributions, dental cover, etc.

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