### Problem 3-7A (Algo)**Terry McNutt**, a single employee with two dependents under the age of 17, is paid $11.00 per hour and receives a commission on net sales. He does not receive a commission until his net sales exceed $150,000. Once the minimum net sales are reached, he receives a 2 percent commission on his sales at Skidoo Sports. During the week of January 24, he sold $94,000 of ski equipment; however, he had $1,200 of returns from the prior week's sales. Company policy requires that commissions on sales returns are deducted from the employee's pay, regardless of current commission earnings.**Required:**Compute Terry's gross pay for the 40-hour weekly pay period. (Negative amount(s) should be indicated by a minus sign.)#### Table: Employee Payroll Calculation for Period Ended 1/24/20XX| Company | Skidoo Sports ||-------------|---------------|| **Name** | Filing Status | Dependents | Hourly Rate | Number of Regular Hours | Regular Earnings | Commissions | Gross Earnings ||-------------|---------------|------------|-------------|-------------------------|------------------|-------------|----------------|| Terry McNutt| Single | 2 | $11.00 | 40 | \_\_\_\_ | \_\_\_\_ | \_\_\_\_ |---In this problem, you will calculate Terry's gross pay for a given week. Understand the components of his compensation including his hourly wage and any applicable commissions.#### Steps to Calculate Gross Pay:1. **Calculate Regular Earnings:** Terry is paid $11.00 per hour. \[ \text{Regular Hours} = 40 \] \[ \text{Regular Earnings} = \text{Hourly Rate} \times \text{Number of Regular Hours} \] \[ \text{Regular Earnings} = \$11.00 \times 40 = \$440.00 \]2. **Calculate Commissions:** - Determine if Terry's net sales exceed the $150,000 threshold. - Net sales for the week = $94,000 - Returns = $1,200 Since the net sales ($94,000 - $1,200) are less than $150,000,

Gross pay means the amount paid to employee before make any deduction and taxes. Net pay is the…

Required: Compute Terry's gross pay for the 40-hour weekly pay period. (Negative amount(s) should be indicated by a minus sign.) Company Name Terry McNutt Skidoo Sports Filing Status Dependents Hourly Rate Number of Regular Hours Period Ended: Regular Earnings 1/24/20XX Commissions Gross Earnings

Required: Compute Terry's gross pay for the 40-hour weekly pay period. (Negative amount(s) should be indicated by a minus sign.) Company Name Terry McNutt Skidoo Sports Filing Status Dependents Hourly Rate Number of Regular Hours Period Ended: Regular Earnings 1/24/20XX Commissions Gross Earnings

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 1E

See similar textbooks

Similar questions

Terry, a single employee with two dependents under the age of 17, is paid $16.50 per hour and receives a commission on net sales. No commission is received until net sales exceed $150,000. Once the minimum net sales are reached, the 2 percent commission on sales applies. During the week of January 28, there were $83,000 of sales; however, $2,200 of returns from the prior week’s sales. Company policy requires that commissions on sales returns are deducted from the employee’s pay, regardless of current commission earnings. Required:Compute Terry’s gross pay for the 40-hour weekly pay period.Note: Negative amount(s) should be indicated by a minus sign. Period Ended: 1/28/20XX Name Filing Status Dependents Hourly Rate Number of Regular Hours Regular Earrings Commissions Gross Earrings Terry S 2<17 S16.50 Total S0.00 S0.00 $0.00
Terry McNutt, a single employee with two withholding allowances, is paid $12.00 per hour and receives commission on net sales. He does not receive a commission until his net sales exceed $150,000. Once the minimum net sales is reached, he receives 4 percent commission on all of his sales at Skidoo Sports. During the week of January 23, he sold $82,000 of ski equipment; however, he had $2,300 of returns from the prior week’s sales. Company policy requires that commissions on sales returns are deducted from the employee’s pay, regardless of current commission earnings. Required: Compute Terry’s gross pay for the 40 hour weekly pay period. (Negative amount(s) should be indicated by a minus sign.)
Terry McNutt, a single employee with two withholding allowances, is paid $12 per hour and receives a commission on net sales. He does not receive a commission until his net sales exceed $150,000. Once the minimum net sales are reached, he receives 4 percent commission on all of his sales at Skidoo Sports. During the week of January 23, he sold $87,000 of ski equipment; however, he had $2,250 of returns from the prior week’s sales. Company policy requires that commissions on sales returns are deducted from the employee’s pay. What would be Terrys regular earnings, commission and gross earning?
Terry McNutt, a single employee with two withholding allowances, is paid $11.50 per hour and receives commission on net sales. He does not receive a commission until his net sales exceed $150,000. Once the minimum net sales is reached, he receives 2 percent commission on all of his sales at Skidoo Sports. During the week of January 23, he sold $83,000 of ski equipment; however, he had $2,200 of returns from the prior week's sales. Company policy requires that commissions on sales returns are deducted from the employee's pay, regardless of current commission earnings. Required: Compute Terry's gross pay for the 40 hour weekly pay period. (Negative amount(s) should be indicated by a minus sign.) Company Skidoo Sports Period Ended: 1/23/20XX Name M/S # of W/H Hourly Rate No. of Regular Hours Regular Earnings Commissions Gross Earnings Terry McNutt
5. Audrey Sanders sells closet organization systems. She is paid a commission of 5.14% of her first $1,500 in sales during the week and 10% on all sales over $1,500. What is her commission in a week during which she sells $7,500 worth of closet organization systems? 6 Jasner Hall sells farm chemicals. He is paid a commission of
5. Mike Lasueze is a salesperson in the appliance department at Wicklow Appliance Inc. He is guaranteed a minimum salary of $220 per week or 5.5% of his total sales, whichever is greater. What is his gross pay for a week in which his total sales were $8,400?
III. Commission Analyze and solve the following problem. 1. A sales agent receives 15% commission on all products that he sells. If the sales agent sold P230,450 worth of products this month, what was his total commission for the month. 2. Lawrence gets a base monthly salary of P14,500. As a sales agent, he must sell P75,000 worth of items per month. He also makes a 7.5% commission on all sales beyond the monthly quota. If Lawrence sold P140,000 worth of items this month, what is his total salary for the month including base and commission? 3. A real estate agent gets P11,000 basic salary per month plus some money by commission rates. If she gets 2.5% commission on the properties that she sells, find her total salary for the given month when she sold P1,200,000 worth of property?
The sales clerks of Teresa's Treasures are paid a salary of $225 per week plus a commission of 8% on all sales they make. Find the amount of commission and gross earnings for these employees. (Round your answers to 2 decimal places. Omit the "S" sign in your response.) Sales for the Week $ 2,392.50 $ 3,480.75 Name Commission Gross Earnings Tina Valendez Jan Yarrow %24 %24
1.Jill is paid a yearly salary of $90,000. How does she make per month? 2. A salesman is paid a 6% commission on his net sales. Find his gross wages for the past month if his gross sales totaled $91,568 and he had $5,568 of returns and allowances. 3. A salesman receives a salary of $500 per week plus an 8% commission on all sales in excess of $1,800. What were his wages last week, if gross sales totaled $18,714 and returns were $5,714? Group of answer choices A.$1,481.12 B.$1,981.12 C.$1,040 D.$1,396 4. An auctioneer earns a commission on the total value of the property he sells. If he earns $2,700 on the sale of $18,000 worth of property, at what percentage rate is he paid? Group of answer choices A.0.15% B.15% C.1.5% D.1 1/2% 5. A computer programmer, who is covered by the Fair Labor Standards Act, is paid a salary of $1,260 a week for a normal work week of 35 hours. If she works 42 hours in a week, her gross pay for the week would be Group…
Don, an office equipment sales representative, earns a weekly salary plus a commission on his sales. One week his total compensation on sales of $8000 was $600. The next week his total compensation on sales of $9000 was $650. Find Don's weekly salary and his commission rate. Don's commission rate is 7%. sk my instructor Q 4 G PROTEIN Clear all Check answer TUF GAMIN
Shawn, an outside sales representative for Marosh Communications in Caldwell, Idaho, receives a 5 percent commission on all new marketing packages sold within the sales territory. During the week of April 6, there were $9,500 of new subscriptions sold during 40 hours of work. Required: 1. What is Shawn's gross pay? 2. Are the wages subject to minimum wage laws? 1. Gross pay 2. Are the wages subject to minimum wage laws?
Sharon Els sells security systems for Guardsman Security Co. Els has a monthly sales quota of $40,000. If Els exceeds this quota, she is awarded a bonus. In measuring the quota, a sale is credited to the salesperson when a customer signs a contract for installation of a security system. Through the 25th of the current month, Els has sold $30,000 in security systems. Vortex Co., a business rumored to be on the verge of bankruptcy, contacted Els on the 26th of the month about having a security system installed. Els estimates that the current contract would yield about $14,000 worth of business for Guardsman Security Co. In addition, this contract would be large enough to put Els "over the top" for a bonus in the current month. However, Els in concerned that Vortex Co. will not be able to make the contract payment after the security system is installed. In fact, Els has heard rumors that a competing security services company refused to install a system for Vortex Co. because of these…