Which statement below accurately describes Hope's gross wages? COMPANY NAME Some Corporation 123 Somewhere Drive, Durham, NC 12345 EMPLOYEE ID 98856 CURRENT TOTAL 600.00 EMPLOYEE NAME Hope Marie Kingsley INCOME GROSS WAGES YTD GROSS 5,400.00 RATE 15.00 YTD DEDUCTIONS 2,836.89 SSN XXXXX-XX-6789 HOURS 40 YTD NET PAY 2,563.11 CHECK NO. 98765 DEDUCTIONS FICA MED TAX FICA SS TAX FED TAX NC ST TAX HEALTH DENTAL RETIREMENT CURRENT TOTAL 600.00 EARNINGS STATEMENT PAY PERIOD 5/1/2020-5/15/2020 CURR DEDUCTIONS 315.21 CURRENT TOTAL 8.70 37.20 90.00 34.50 $76.58 $8.23 $60.00 PAY DATE 5/21/2020 YEAR-TO-DATE O Gross wages are calculated by subtracting all of Hope's deductions from her gross income Gross wages are calculated by multiplying Hope hourly rate by the number of hours she worked O Gross wages are how much Hope has earned over the course of the entire year O Gross wages are Hope's fixed salary, which she receives for every for every pay period 78.30 334.80 810.00 310.50 $689.22 $74.07 $540.00 NET PAY 284.79 "Excluded from federal taxable wage
Which statement below accurately describes Hope's gross wages? COMPANY NAME Some Corporation 123 Somewhere Drive, Durham, NC 12345 EMPLOYEE ID 98856 CURRENT TOTAL 600.00 EMPLOYEE NAME Hope Marie Kingsley INCOME GROSS WAGES YTD GROSS 5,400.00 RATE 15.00 YTD DEDUCTIONS 2,836.89 SSN XXXXX-XX-6789 HOURS 40 YTD NET PAY 2,563.11 CHECK NO. 98765 DEDUCTIONS FICA MED TAX FICA SS TAX FED TAX NC ST TAX HEALTH DENTAL RETIREMENT CURRENT TOTAL 600.00 EARNINGS STATEMENT PAY PERIOD 5/1/2020-5/15/2020 CURR DEDUCTIONS 315.21 CURRENT TOTAL 8.70 37.20 90.00 34.50 $76.58 $8.23 $60.00 PAY DATE 5/21/2020 YEAR-TO-DATE O Gross wages are calculated by subtracting all of Hope's deductions from her gross income Gross wages are calculated by multiplying Hope hourly rate by the number of hours she worked O Gross wages are how much Hope has earned over the course of the entire year O Gross wages are Hope's fixed salary, which she receives for every for every pay period 78.30 334.80 810.00 310.50 $689.22 $74.07 $540.00 NET PAY 284.79 "Excluded from federal taxable wage
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Answer the question below
Transcribed Image Text:Which statement below accurately describes Hope's gross wages?
COMPANY NAME
Some Corporation 123 Somewhere Drive, Durham, NC 12345
EMPLOYEE NAME
EMPLOYEE ID
98856
Hope Marie Kingsley
CURRENT TOTAL
INCOME
GROSS WAGES
YTD GROSS
5,400.00
RATE
15.00
YTD
DEDUCTIONS
2,836.89
SSN
XXX-XX-6789
HOURS
40
600.00
YTD NET PAY
2,563.11
CHECK NO.
98765
DEDUCTIONS
FICA MED TAX
FICA SS TAX
FED TAX
NC ST TAX
HEALTH
DENTAL
RETIREMENT
CURRENT TOTAL
600.00
EARNINGS STATEMENT
PAY PERIOD
5/1/2020-5/15/2020
CURRENT
DEDUCTIONS
315.21
CURRENT TOTAL
8.70
37.20
90.00
34.50
$76.58
$8.23
$60.00
PAY DATE
5/21/2020
YEAR-TO-DATE
O Gross wages are calculated by subtracting all of Hope's deductions from her gross income
O Gross wages are calculated by multiplying Hope hourly rate by the number of hours she worked
O Gross wages are how much Hope has earned over the course of the entire year
O Gross wages are Hope's fixed salary, which she receives for every for every pay period
78.30
334.80
810.00
310.50
$689.22
$74.07
$540.00
NET PAY
284.79
"Excluded from federal taxable wage
Expert Solution
Step 1: Introduction
The whole amount of compensation received by employees, whether on an hourly or monthly basis, before any deductions like taxes, which include social security, medicare, life insurance, pension contributions, bonuses, etc., is referred to as gross earnings. The gross pay is still unaffected by deductions. Based on employment services, these deductions are subject to various federal and non-federal programs.
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