Paycheck Calculation Vasquez. an unmarried employee. works 43 hours in the week ended January 15. • Her pay rate is $18 per hour ● Her wages are subject to no deductions other than FICA-Social Security, FICA- Medicare, and federal income taxes. She claims two withholding allowances. Required: o Compute her regular pay o Overtime pay (overtime premium is 50% of the regular rate for hours in excess of 40 per week) o Gross pay o His FICA tax deduction (use 6.2% for the Social Security portion and 1.45% for the Medicare portion) o Income tax deduction (use the wage bracket withholding table of Exhibit 9A.6) o Total deductions, and o Net pay. (Round tax amounts to the nearest cent.)

Paycheck Calculation Vasquez. an unmarried employee. works 43 hours in the week ended January 15. • Her pay rate is $18 per hour ● Her wages are subject to no deductions other than FICA-Social Security, FICA- Medicare, and federal income taxes. She claims two withholding allowances. Required: o Compute her regular pay o Overtime pay (overtime premium is 50% of the regular rate for hours in excess of 40 per week) o Gross pay o His FICA tax deduction (use 6.2% for the Social Security portion and 1.45% for the Medicare portion) o Income tax deduction (use the wage bracket withholding table of Exhibit 9A.6) o Total deductions, and o Net pay. (Round tax amounts to the nearest cent.)

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 1PA

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