pay at one and one-half times their regular hourly rate. E TITTY Marital Withholding Allowances Cumulative Regular Worked Hourly Rate $16.70 26.90 Hours Employee Grace Dodger Ron Dollar Alex Garcia Earnings $32,860 53,972 Status 47 M. 49 M 3 43 28.50 1 57,300 26,620 Red Russell 40 13.70 Required: 2. Compute the regular, overtime, and gross earnings for each employee. Enter the figures in the payroll register. 3. Compute the amount of social security tax to be withheld from each employee's gross earnings. Assume a 6.2 percent social security rate on the first $132,900 earned by the employee during the year. Enter the figures in the payroll register. 4. Compute the amount of Medicare tax to be withheld from each employee's gross earnings. Assume a 1.45 percent Medicare tax rate on all salaries and wages earned by the employee during the year. Enter the figures in the payroll register.

pay at one and one-half times their regular hourly rate. E TITTY Marital Withholding Allowances Cumulative Regular Worked Hourly Rate $16.70 26.90 Hours Employee Grace Dodger Ron Dollar Alex Garcia Earnings $32,860 53,972 Status 47 M. 49 M 3 43 28.50 1 57,300 26,620 Red Russell 40 13.70 Required: 2. Compute the regular, overtime, and gross earnings for each employee. Enter the figures in the payroll register. 3. Compute the amount of social security tax to be withheld from each employee's gross earnings. Assume a 6.2 percent social security rate on the first $132,900 earned by the employee during the year. Enter the figures in the payroll register. 4. Compute the amount of Medicare tax to be withheld from each employee's gross earnings. Assume a 1.45 percent Medicare tax rate on all salaries and wages earned by the employee during the year. Enter the figures in the payroll register.

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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