Sarah Jones's regular rate of pay is $28 per hour with one and one-half times her regular rate for any hours which exceed 40 hoursper week. She worked 50 hours last week. Therefore, her gross wages were$1400.$2100.$1540.$1120.

Gross wages are the entire earnings or money received by an individual from their work before any…

Answered: rate for any hours which exceed

Business

Accounting

rate for any hours which exceed

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: An employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this…

A: Expense booking entry will be Wages expense Ac Dr 5064.5 to Net payroll payable 5064.5 being expense…

Q: The amount of time over which an employee is paid is known as ___________.…

A: The question is asking for the term that refers to the specific duration or interval over which an…

Q: Define effective (or equivalent) annual rate (EAR or EFF%)

A: The effective annual interest rate is the real return on reserve funds or savings account or other…

Q: a. For each employee, compute the regular earnings, overtime rate, overtime earnings, and total…

A: Overtime is the extra pay paid for the overtime work done by employees.

Q: What is the order of calculation on Quarter-hour method & Hundreth-hour method? For example: IN…

A: For Payroll Accounting : There are 2 types of calculating. (1) Quarter-hour Method : (a) In this…

Q: NN Company operates on a 6-day week, with time and one-quarter for all hours over eight during the…

A: It is the amount to be withheld by an employer from an employee, if the employees' annual income…

Q: When you start a new fiscal period, the fiscal end date is automatically advanced- Select one: O to…

A: a) to create a new fiscal period of one year: This option suggests that the fiscal end date is…

Q: Next Question Find the overtime rate, the amount of earnings at regular pay, the amount at overtime…

A: Overtime Rate: A set rate of remuneration for time spent working more than the regular working…

Q: Compute the hourly and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to…

A: Net pay is the amount of money that an employee receives after deductions such as taxes, Social…

Q: Required: 1. Compute Chin's regular pay, overtime pay, gross pay, and net pay. If required, round…

A: Explanation of Solution: Gross pay: Gross pay is a payment made to an employee for completion of…

Q: In most jurisdictions, for hourly employees, overtime pay begins after working how many hours a…

A: The difference in defined benefit plan and defined contribution plan is Defined benefit plans are…

Q: What does a "back-end" ratio consist of? Maximum monthly payments O 39% of gross monthly income O…

A: Back end ratio compares PITI (principal, interest, taxes and insurance) and other monthly debt…

Q: Your weekly gross pay is $800 and your weekly total deductions are $150. Find the weekly NFT dav.

A: It's important for employers to stay up-to-date with payroll regulations and laws to avoid penalties…

Q: Sheila Williams, a medical secretary, earns $3,575 monthly for a 35-hour week. For overtime work,…

A: When a company records the compensation of its employees, such type of accounting is known as…

Q: pay

A: Concept:- To Compute gross Earnings Per Pay Period divide the total amount of yearly earnings by…

Q: Each wage-bracket table in Publication 15, Circular E contains columns that differ based on what…

A: The wage bracket method is the most important approach as it is straightforward approach, because it…

Q: Calculate the gross earnings per pay period (in $) for the given pay schedule. (Round your answers…

Q: ed at an annual rate c ona. What amount sh wear for 30 years aften

A: LU 13-2a 1.Present value is the amount of money which we invest today. Since it is semi annually so…

Q: Hi expart Provide solution

A: Part a: Journal Entry at the Date of Purchase (December 31, 2016)Transaction Details:Purchase price…

Q: Find the following: Annual Premium Canceled After Canceled By Premium Cost Refund $600 7months…

A: Premium is an amount paid periodically to the insurer by the insured for covering his risk.

Q: alculation of FTE's Calculate Full Time Equivalents (FTE's) for the current pay period based on…

A: Full-time equivalent refers to a unit for measuring the way of work or study during a different…

Q: Unless instructed otherwise, compute hourly rate and overtime rates as follows: 1. Carry the hourly…

A: Payment would be calculated Proportionately

Q: Need help solving this problem

A: AnswerExplanation:Step 1:Step 2: Step 3: Step 4:

Q: Annette Henri is paid an hourly wage of $10.90 for a 32-hour workweek of 4 days, 8 hours daily. For…

A: Total earnings are the sum of money that a person or business makes from all sources over the course…

Q: Problem Instruction Unless instructed otherwise, compute hourly rate and overtime rates as follows:…

A: Given that:Job A consisted of 38 hours at $20 hourJob B consisted of 15 hours at $14…

Q: n recording the payroll, the debit to an expense represents: Group of answer choices deductions…

A: The payroll journal entry is the initial recognition of payroll.

Q: Unless instructed otherwise, compute hourly rate and overtime rates as follows: 1. Carry the hourly…

A: PLEASE LIKE THE ANSWER Answer = $ 210 As per FLSA, the employees will get overtime pay at the rate…

Q: nless instructed otherwise, compute hourly rate and overtime rates as follows: 1. Carry the…

A: Wage rate for one piece = 16 cents No. of units produced = 2976 Ides total piecework earnings =…

Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Sarah Jones's regular rate of pay is $28 per hour with one and one-half times her regular rate for any hours which exceed 40 hours
per week. She worked 50 hours last week. Therefore, her gross wages were
$1400.
$2100.
$1540.
$1120.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Working notes for the calculation of the amount of gross wages

VIEW

Step 3: Calculate overtime earnings for the additional hours worked beyond 40 hours:

VIEW

Step 4: Calculate total gross wages:

VIEW

Solution

VIEW

Step by step

Solved in 5 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

14. Trade credit terms of 2/10, net 90 are available. Calculate the cost of trade credit when payment is made on the net due date using the EAR (also known as APY). Use a 360 day year.
Choose the best definition of gross pay A. The number of hours over 40 that are worked in a week. B. A fixed amount of wages paid, usually on a yearly basis, regardless of how many hours are worked. C. The amount of money earned for a specific amount of time before any deductions are made.
Question 25: Which statement regarding Form W-3 is inaccurate? Answer: O Form W-3 contains earnings information for multiple employees. А. В. O Form W-3 must be signed by the employer to be valid. С. O Form W-3 is submitted to the Social Security Administration and provided to each employee. D. O Form W-3 includes federal and state tax information.
Unless instructed otherwise, compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, drop the third decimal place. Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. Refer to Instruction 2-1. Bobbi Sox, a full-time student at California State University, works at the Northridge Shoe Shop. In order not to violate the FLSA, the least salary that Northridge could pay Sox for her 28-hour workweek is __________.
Completing the Payroll Register The Employee Payroll Register presents all the computations previously performed as it applies to this payroll period. Complete the following steps (if a field should be blank, leave it blank): Record the amount to be withheld for group insurance. Record the amount to be withheld for health insurance. Each worker is to be paid by check. Assign check numbers provided to the correct employee. Compute the net pay for each employee. Total the input columns. KIPLEY COMPANY, INC.Payroll RegisterFor Period Ending January 8, 20-- EARNINGS DEDUCTIONS NET PAY Name Gross OASDI HI FIT SIT SUTA CIT SIMPLE Grp. Ins. Health Ins. Ck. No. Amount Carson, F. $700.00 $43.40 $10.15 $48.00 $21.49 $0.42 $21.00 $20.00 Wilson, W. 897.04 55.62 13.01 68.00 27.54 0.54 26.91 50.00 Utley, H. 678.75 42.08 9.84 14.00 20.84 0.41 20.36 40.00 Fife, L. 877.10 54.38 12.72 33.00 26.93 0.53 26.31 50.00 Smith, L. 790.00 48.98 11.46 59.00…
Unless instructed otherwise, compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, drop the third decimal place. Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. Refer to Instruction 2-1. Evelyn receives an annual $25,700 base salary for working the territory in Alabama. A quota of $900,000 in sales has been set for that state. Evelyn receives an 8 percent commission on all sales in excess of $900,000. This year, the sales are $965,000. The total earnings due Evelyn this year are __________. Display keyboard shortcuts for Rich Content Editor
Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise, calculate hourly rates and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, simply drop the third decimal place. Examples: Monthly rate $1,827Weekly rate ($1,827 × 12)/52 = $421.615 rounded to $421.62Hourly rate $421.62/40 = $10.540 rounded to $10.54O.T. rate $10.54 × 1.5 = $15.81 Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. Example 2-10 John Dilcher's is paid an hourly rate of $18.50 per hour, and he worked 49 hours this week. His pay would be calculated as follows: 49 hours × $18.50 = $906.50 9 hours ×…
What is the periodic interest rate for an APR of 23% with daily compounding? Enter your answer using percent expression with two decimal places.
Hours Worked Hourly pay rate Gross pay (must show your work) 40 $15
Calculate the gross earnings per pay period (in $) for the given pay schedule. (Round your answers to two decimal places.) Annual Salary Monthly Semimonthly Biweekly Weekly $ $ $ $625.00 $
What is the salary allowances of 47000, and 59000 respec and the balance divided equally
Which of the following would indicate the BEST Average Collection Period? 30 days 20 days 25 days 15 days