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payron K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available each employee: Computer Programmer Consultant $2,510 per week $30 per hour $48 per hour Not applicable 2 times hourly rate 1.5 times hourly rate $915 $239 $505 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. Regular earnings rate Overtime earnings rate Federal income tax withheld Administrator For the current pay period, the computer programmer worked 52 hours and the administrator worked 63 hours. Assume that the social security ta was 6.0%, and the Medicare tax rate was 1.5%. Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week 40 hours. When required round intermediate calculations and final answers to two decimal places. Consultant Computer Programmer Administrator 2,510 Gross pay Net pay

payron K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available each employee: Computer Programmer Consultant $2,510 per week $30 per hour $48 per hour Not applicable 2 times hourly rate 1.5 times hourly rate $915 $239 $505 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. Regular earnings rate Overtime earnings rate Federal income tax withheld Administrator For the current pay period, the computer programmer worked 52 hours and the administrator worked 63 hours. Assume that the social security ta was 6.0%, and the Medicare tax rate was 1.5%. Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week 40 hours. When required round intermediate calculations and final answers to two decimal places. Consultant Computer Programmer Administrator 2,510 Gross pay Net pay

FINANCIAL ACCOUNTING
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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Compute payroll K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Regular earnings rate Overtime earnings rate Federal income tax withheld Consultant $2,510 per week Not applicable $915 Computer Programmer $30 per hour 2 times hourly rate $239 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 52 hours and the administrator worked 63 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. Administrator Gross pay Net pay $48 per hour 1.5 times hourly rate $505 Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. When required round intermediate calculations and final answers to two decimal places.. Consultant Computer Programmer Administrator 2,510
Transcribed Image Text:Compute payroll K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Regular earnings rate Overtime earnings rate Federal income tax withheld Consultant $2,510 per week Not applicable $915 Computer Programmer $30 per hour 2 times hourly rate $239 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 52 hours and the administrator worked 63 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. Administrator Gross pay Net pay $48 per hour 1.5 times hourly rate $505 Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. When required round intermediate calculations and final answers to two decimal places.. Consultant Computer Programmer Administrator 2,510
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