InsertDrawPage LayoutFormulasDataReviewViewTell meCalibri (Body)v A A11Wrap Text vВ IUMerge & CentemfxBEFCLRQuestionLessonObjective #MaQ4: Solve the following 2 problems related to employee compensationCLR 1-Obj. 4L2a. Jon is employed at annual salary of $41995. His regular work week is 38 hours and he is paidsemi-monthlyi.What is Jon's Gross pay per period?ii.What is hourly rate of pay?iii.What is his gross pay for a period in which work 12 hours of overtime and he is paid overtime at time and a half ofWhat is a salesperson's commission on net sales of $17800 if the commission is paid on asliding scale of 7%% on the first $7000, 8%% on the next $8000 and 12.5% on sales over $15000?b.CLR 1- Obj. 5L2MarkQ5: Solve the following 3 problems related to GST, HST, PST,公四

Hourly Rate:The amount of money you earn every hour you work is known as your hourly rate. As an…

Answered: Q4: Solve the following 2 problems…

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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Computing Overtime Rate of Pay and Gross Weekly Pay Rebecca Huang receives a regular salary of $3,120 a month and is paid 12 times the regular hourly rate for hours worked in excess of 40 per week. a. Calculate Huang's overtime rate of pay. %$4 overtime pay per hour b. Calculate Huang's total gross weekly pay if she works 45 hours during the week.
Use Al Homer Simpson receives an annual salary of $110-760.00, is paid biweekly, and works 40 regular hours per week. Overtime is paid at time-and-a-half regular pay. How many hours overtime (to the nearest integer) did Homer work during a pay period for which his gross pay was $5 005.50? Do not include any units in your answers. Answer:
Problem 5-6A (Algo) Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and is checked for G. Fisher and J. Tillman. Required: On Form W-4, complete Step 2, the Multiple Jobs Worksheet (when applicable) to obtain the amount for Step 4(c). Calculate the federal income tax withholding using the wage-bracket tables with Forms W-4 from 2020 or later in Appendix C. Note: Round your intermediate calculations and final answers to 2 decimal places. Employee L. Torabi Filing Status S Dependents None Annual Salary Spouse Annual Salary and Pay Frequency Federal Income Tax per Period $ 42,500 Not applicable R. Beninati S One Other $ 51,500 Not applicable G. Fisher MJ Three <17 $ 48,000 $80,000 per biweekly J. Tillman MJ Two <17 SA 39,650 $23,790 per weekly
@ S Problem 5-6A (Algo) Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and is checked for G. Fisher and J. Tillman. X * Required: Complete the W-4 multi-jobs worksheet (when applicable) Section 2(b), for all employees, each will use the standard deduction, and calculate the federal income tax withholding using the wage-bracket tables in Appendix C. (Round your intermediate calculations and final answers to 2 decimal places.) Employee L. Torabi R. Beninati G. Fisher J. Tillman F2 # 3 E D Filing Status S S MJ MJ JUL 7 80 F3 $ 4 Dependents None One Other Three 8 Federal Income Tax per Period J DII F8 A CV B N M DD 9 F9 K ) O 4 O W F10 L < Check my work * P F11 {
Discu 1. What is the difference between an allowance and a re bursement? How does this difference affect labor burden? 2. Why are the social security and Medicare taxes paid by the employee not included in labor burden? How does employee turnover affect the labor burden costs? 4. What can a company do to reduce its workers' compen- sation insurance costs? Problems 5. Determine the annual cost, average hourly cost, and burden markup of an hourly employee given the infor- mation in Table 8-1. Assume the employee takes full advantage of the 401(k) benefit. The employee's health insurance is paid for entirely by the employer. Last year the employee worked 2,104 hours and was paid for an additional 80 hours of vacation. The employee was paid for at least 40 hours each week and is to be paid time and a half on any work over 40 hours per week. Table 8-1 Wage Information for Problem 5 Item Wages Bonus Allowances Social Security Medicare FUTA SUTA Workers' Comp. General Liability 401(k) Health…
Gail works 32 hours Monday throught Thursday. On Friday, she is out with the flu and receives 8 hours' sick pay under her employer's policy. She returns to work for 4 hours on Saturday. If she earns 8 per hour and the federal minmum requirements for overtime pay apply, how much pay will she receive? a. 352 b. 320 c. 368 d. 288
Employees' earnings and taxes A weekly payroll summary made from labor time records shows the following data for Musketeer Manufacturing Company: LO2 LO3 Hourly Rate Hours Employee Classification Regular Overtime Brown, D. Direct $12 40 2 Jackson, D. Direct 12 40 3 Love, J. Direct 15 40 4 Anderson, C. Indirect 40 Raymond, B. Indirect 18 40 Overtime is payable at one-and-a-half times the regular rate of pay for an employee and is distributed to all jobs worked on during the period. a. Determine the net pay of each employee. The income taxes withheld for each employee amount to 15% of the gross wages. b. Prepare journal entries for the following: 1. Recording the payroll. 2. Paying the payroll 3. Distributing the payroll. (Assume that overtime premium will be charged to all jobs worked on during the period. 4. The employer’s payroll taxes. (Assume that none of the employees has achieved the maximum wage bases for FICA and unemployment taxes.)
Example 2-17 Nancy Seigle earns a monthly salary of $3,100 for a 35-hour week. For overtime she receives her regular hourly rate of pay for the hours up to 40 and time and one-half beyond 40 hours in any week. For this semimonthly pay period, Seigle worked hours overtime-only 1 hour was beyond 40 in any week, and she was paid $1,723.74 based on: $3,100 x 12 = $37,200 annual $37,200/52 = $715.38 weekly $715.38/35 = $20.44 hourly $20.44 x 1.5 = $30.66 overtime $1,550.00 (semimonthly pay) + (7 x $20.44) + (1 x $30.66) = $1,723.74 Sheila Williams, a medical secretary, earns $2,497 monthly for a 34-hour week. For overtime work, she receives extra pay at the regular hourly rate up to 40 hours and time and one-half beyond 40 hours in any week. During one semimonthly pay period, Williams worked 10 hours overtime. Only 2 hours of this overtime were beyond 40 hours in any one week. Compute the following amounts. Round all divisions to two decimal places and use the rounded amounts in subsequent…
1. The contribution limit for a Payroll Deduction IRA increases once an employee reaches _____ years of age. Answer: A. 40 B. 45 C. 50 D. 55 2. Carrie Rosenberg worked 44 hours the first week of the calendar year and earns regular wages of $18/hour. She is paid an overtime rate 1.5 times her regular wage rate, contributes 2% of her gross pay to a 401(k) plan, and contributes $40/week to a flexible spending account. Her Social Security tax for the week is $______ . 3. What types of wage garnishments are typically satisfied before others? Answer: A. Student loan payments and state/federal tax levies B. Alimony and child support payments C. Child support payments and federal tax levies D. State and federal tax levies
Calculating Gross Pay based on Wage with Overtime Step 1Determine regular hours Should be 40 unless otherwise Step 2: overtime Hours workedovertime Step 3: Calculate pay Regular hours 40 Step 4Calculate overtime Overtime hours Overtime hours 1.5 = pay Step 5: Add regular pay to Overtime payRegular pays Tyler work 53 hours last week. His regular pay rate is 515 / h * our What is his gross pay? Step 1: 40 hours Step 2: 53.4 = 13hours Step 3: 40*515=\$600 Step 4: 13 * 515 * 1.5 = 5292.5 Step 5: 5600+\$292.50=\$892.50 im not sure if I'm right on the first problem the writing above is a example
Problem 6-4A & 6-5A (Algo) [The following information applies to the questions displayed below. Greer Utsey earned $47,900 in 2022 for a company in Kentucky. Greer is single with one dependent under 17 and is paid weekly. The FUTA rate in Kentucky for 2022 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $11,100. Use the percentage method in Appendix C and the state information in Appendix D. Manual payroll system is used and Box 2 is not checked. Problem 6-5A (Algo) Required: Compute the employer's share of the taxes for the third weekly payroll of the year. Note: Do not round intermediate calculation. Round your final answer to decimal places. Federal income tax withholding Social Security tax Medicare tax FUTA tax SUTA tax State income tax withholding
АCTIVITY 1.Some companies use the overtime premium method to determine gross earnings. Use this method to complete the following payroll ledger. Overtime is paid at the time-and-a-half rate for all hours over 40? O.T. Hours Worked Gross Earnings Total Reg. 0.T. Premium S Hours Rate Hours Rate Employee S M W TH F 0.T. Total 16. Averell, B. 10 9 8 5 12 7 51 $11.40 11 $5.70 $581.40 $62.70 $644.10 - 17. Brownlee, K. 7.75 10 5 9.75 8 10 $9.50 18. Carter, M. 12 11 8 8.25 11 $8.60 - |- 19. Parks, K. 8.5 5.5 10 12 10.5 7 $12.50 - 20. Parr, J. 10 9.75 9 11.5 10 $10.20

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