T. Maxwell, R. Rochester, M. Barton, Y. York, W. Clarke and I. Black all work at Grace Kennedy. R. Rochester, W. Clarke and Y. York works a regular work week of 40 hours at a rate of $650.00 per hour. However, T. Maxwell, Y. York and I. Black cach work 47, 49 and 52 hours respectively at a rate of 1.5 times regular rate. NOTE (a) All workers except M. Barton and W. Clarke pay union dues of $300.00 (b) All workers pay income tax of 25%, National Insurance of S2%, NHT of 2% and Education tax of 2% (e) T. Maxwell and w. Clarke pay Sagicor Insurance costs of S350.00 Draft a payroll sheet and caleulate the payroll for the above Basic Overtime Gross Wage Income Union Sagicor Тах Name Hours NHT Total Insurance Deductions Wages NIS Ed Net Worked Wage Dues

T. Maxwell, R. Rochester, M. Barton, Y. York, W. Clarke and I. Black all work at Grace Kennedy. R. Rochester, W. Clarke and Y. York works a regular work week of 40 hours at a rate of $650.00 per hour. However, T. Maxwell, Y. York and I. Black cach work 47, 49 and 52 hours respectively at a rate of 1.5 times regular rate. NOTE (a) All workers except M. Barton and W. Clarke pay union dues of $300.00 (b) All workers pay income tax of 25%, National Insurance of S2%, NHT of 2% and Education tax of 2% (e) T. Maxwell and w. Clarke pay Sagicor Insurance costs of S350.00 Draft a payroll sheet and caleulate the payroll for the above Basic Overtime Gross Wage Income Union Sagicor Тах Name Hours NHT Total Insurance Deductions Wages NIS Ed Net Worked Wage Dues

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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Brandon, the Manager, who earns a salary of $52,000 per year or $1,000 per week, Clarissa, the Sales Coordinator, who is paid $20 per hour, and David, the Shipper, who is paid $.20 per package shipped. Alan pays his employees every week and, this past week, Brandon worked all five scheduled days, Clarissa worked fifty (50) hours, and David shipped 4,500 packages. Record/journalize the employees' payroll entry (pay attention to what's asked for) by function (Management Salary Expense, Sales Wage Expense, & Shipping Wage Expense) now for the paychecks that will be issued this coming Friday, which will be the first time the employees are paid this calendar year. All the employees want 20% of their earnings withheld for Federal Income Tax purposes. The tax rates are: 6.2% FICA Social Security State Unemployment 5.4% Medicare 1.45% Federal Unemployment 0.6% Book the taxes you withhold as one entry for all three employees, not separate entries for each employee.
Sara Simpson worked 45 hours last week at $26.75 per hour. Her company pays time and a half overtime for all hours over 40 per week. Find her gross earning for the wee. Round to the cents place or hundredths place.
Glenda Rome earns $980 biweekly and works a standard 40-hour workweek. Compute Rome’s regular hourly and overtime rates. Select one: a. $24.50 and $18.38 b. $12.25 and $18.38 c. $12.25 and $36.75 d. $24.50 and $36.75
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Jill Cole’s regular rate of pay is $ 10 per hour with one and one-half times her regular rate for any hours that exceed 44 hours per week. She worked 52 hours last week. Her gross wages were * $ 520. $ 440. $ 560. $ 880.
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Forrester and Cohen is a small accounting firm, managed by Joseph Cohen since the retirement in December of his partner Brad Forrester. Cohen and his 3 CPAs together bill 620 hours per month. When Cohen or another accountant bills more than 155 hours per month, he or she gets an additional "overtime" pay of $65.80 for each of the extra hours: this is above and beyond the $5,100 salary each draws during the month. (Cohen draws the same base pay as his employees.) Cohen strongly discourages any CPA from working (billing) more than 245 hours in any given month. The demand for billable hours for the firm over the next 6 months is estimated below: Month Estimate of Billable Hours Jan. 600 Feb. 510 Mar. 1,010 Apr. 1,220 May 660 June 580 Cohen has an agreement with Forrester, his former partner, to help out during the busy tax season, up to 245 hours in any given month if needed, for an hourly fee of $135. Cohen will not even…
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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.
Lisa Claussen, CPA, pays her new staff accountant, Gina, a salary equivalent to $27 per hour while Lisa receives a salary equivalent to $39 per hour. The firm's predetermined indirect cost allocation rate for the year is $16 per hour. Claussen bills for the firm's services at 25% over cost. Assume Lisa works 1 hours and Gina works 16 hours preparing a tax return for Mikayla Jones. 1. What is the total cost of preparing Jones's tax return? 2. How much will Lisa bill Jones for the tax work? 1. What is the total cost of preparing Jones's tax return? Enter the direct and indirect costs for preparing Jones's tax return. Direct Cost: Lisa's time Direct Cost: Gina's time Total Direct Cost: Indirect Cost: Total cost of preparing tax return hrs. hrs. hrs.
McBride and Associates employs two professional appraisers, each having a different specialty. Debbie specializes in commercial appraisals and Tara specializes in residential appraisals. The company expects to incur total overhead costs of $394,200 during the year and applies overhead based on annual salary costs. The salaries and billable hours of the two appraisers are estimated to be as follows: Debbie $173,880 2,300 Tara Annual Salary $88,920 1,950 Billable Hours The accountant for McBride and Associates is computing the hourly rate that should be used to charge clients for Debbie and Tara's services. The hourly billing rate should be set to cover the total cost of services (salary plus overhead) plus a 20 percent markup. Required: 1. Compute the predetermined overhead rate. 2. Compute the hourly billing rate for Debbie and Tara.
Carrie Overwood works fluctuating work schedules. Besides her fixed salary of $1,044 per week, her employment agreement provides for overtime pay at an extra half-rate for hours worked over 40. This week she worked 48 hours. Compute the following amounts. Round all divisions to two decimal places and use the rounded amounts in subsequent computations. Round your final answers to the nearest cent. a. The overtime earnings: $87.04 1044/48= 21.75 21.75 x 0.5= 10.88 8x 10.88= 87.04 b. The total earnings: $1,131.04 1044+ 87.04= 1,131.04 c. If this was a BELO plan with a pay rate of $23.45 per hour and a maximum of 48 hours, how much would Overwood be paid for 42 hours? $ NOTE: I already figure out letter A & B. I just need help with letter C please.