The question is based on the monthly payroll record of Division S and Agency A (see below). Refer to the following facts when answering questions.   All Agency A employees are paid biweekly on the 5th (for wages earned during the payperiod of the previous month's 16 through month end) and the 20th (for wages earned during the payperiod of the 1st through 15). Overtime is paid at the rate of 1 ½ times regular salary. Monthly deductions remain the same percentage of gross earnings. For instance, an employee whose regular salary is $1000 has 10% or $100 withheld for federal taxes. If the same employee earns $200 in overtime, his federal tax deduction would be $120, or 10% of $1200. In converting monthly salaries to hourly rates, compute on the basis of 173.33 working hours in a month. Division S’s clerk has no state taxes deducted. What is his yearly take home pay?   Select the single best answer: A. $13596.00 B. $14244.00 C. $15156.00 D. $15620.00

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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The question is based on the monthly payroll record of Division S and Agency A (see below). Refer to the following facts when answering questions.

 

All Agency A employees are paid biweekly on the 5th (for wages earned during the payperiod of the previous month's 16 through month end) and the 20th (for wages earned during the payperiod of the 1st through 15).

Overtime is paid at the rate of 1 ½ times regular salary. Monthly deductions remain the same percentage of gross earnings. For instance, an employee whose regular salary is $1000 has 10% or $100 withheld for federal taxes. If the same employee earns $200 in overtime, his federal tax deduction would be $120, or 10% of $1200.

In converting monthly salaries to hourly rates, compute on the basis of 173.33 working hours in a month.

Division S’s clerk has no state taxes deducted. What is his yearly take home pay?

 

Select the single best answer:

A. $13596.00

B. $14244.00
C. $15156.00
D. $15620.00

 

 

 

 

 

 

Employee Title
Sam
Cat
Joe
Mike
Maria
Tony
Tom
Jerry
Ron
April
Jon
Division S
Agency A
Monthly Payroll
Supervisor
Tech
Clerk
Regular
Gross
Monthly
Salary
Supervisor $
Manager $ 4,008
Analyst
$
esses is
$
$
$
3,120 $ 624.00 $
$
3,615
2,202 $
1,317 $
$ 1,847 $
Federal Tax State Tax
2,884 $ 432.60
Secretary
Tech
Analyst $ 2,762
Director $
Tech
$
Monthly Deudction from Gross
Misc.
$ 2,089 $
4,536 $
2,154 $
$
315.00 $
130.00
250.00
301.00 $
$
695.00 $
333.77 $
156.00
240.48
216.90
95.00
$ 600.00
$ 14.17
$39.15
$ 54.00
146.23 $ 25.25
126.00 $98.10
241.31
193.00
Transcribed Image Text:Employee Title Sam Cat Joe Mike Maria Tony Tom Jerry Ron April Jon Division S Agency A Monthly Payroll Supervisor Tech Clerk Regular Gross Monthly Salary Supervisor $ Manager $ 4,008 Analyst $ esses is $ $ $ 3,120 $ 624.00 $ $ 3,615 2,202 $ 1,317 $ $ 1,847 $ Federal Tax State Tax 2,884 $ 432.60 Secretary Tech Analyst $ 2,762 Director $ Tech $ Monthly Deudction from Gross Misc. $ 2,089 $ 4,536 $ 2,154 $ $ 315.00 $ 130.00 250.00 301.00 $ $ 695.00 $ 333.77 $ 156.00 240.48 216.90 95.00 $ 600.00 $ 14.17 $39.15 $ 54.00 146.23 $ 25.25 126.00 $98.10 241.31 193.00
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