Rick Davis, an employee of ABC Motors, worked 42 hours during the week of September 12 through 18. His rate of pay is $30.1 per bour, and he receives time-and-a-half for work in excess of 40 hours per week. Rick is married and claims zero allowances on his W-4 form, Rick's TD eamings before this pay period are $47,265, and his wages are subject to the following deductions) a. Federal income tax (use the table in Figure 3), b. Social Security tax at 6.2 percent, with a wage limit of $115,500. c. Medicare tax at 1.45 percent. d. Medical insurance premium (after tax), $71, e. United Way contribution, $21. Compute Rick's regular pay 1,204 Compute Rick's overtime pay. If required, round intermediate calculations and the final answer to the nearest cent and use the rounded answers in subsequent computations. 90.3 Compute Rick's gross pay. If required, round intermediate calculations and the final answer to the nearest cent and use the ounded answers in subsequent computations 1,294.3 Compute Rick's net pay. If required, round intermediate calculations to the nearest cent and use them in subsequent computations, Round final answer to the nearest cent

Rick Davis, an employee of ABC Motors, worked 42 hours during the week of September 12 through 18. His rate of pay is $30.1 per bour, and he receives time-and-a-half for work in excess of 40 hours per week. Rick is married and claims zero allowances on his W-4 form, Rick's TD eamings before this pay period are $47,265, and his wages are subject to the following deductions) a. Federal income tax (use the table in Figure 3), b. Social Security tax at 6.2 percent, with a wage limit of $115,500. c. Medicare tax at 1.45 percent. d. Medical insurance premium (after tax), $71, e. United Way contribution, $21. Compute Rick's regular pay 1,204 Compute Rick's overtime pay. If required, round intermediate calculations and the final answer to the nearest cent and use the rounded answers in subsequent computations. 90.3 Compute Rick's gross pay. If required, round intermediate calculations and the final answer to the nearest cent and use the ounded answers in subsequent computations 1,294.3 Compute Rick's net pay. If required, round intermediate calculations to the nearest cent and use them in subsequent computations, Round final answer to the nearest cent

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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