You are required to manually calculate the wages for Aaron for the week ending 22 July 2022based on the information provided below. A template is provided for recording thecalculations. • Aaron's hourly rate is $45 per hour and he is paid overtime at time and a half forhours in excess of 38 hours each week. He claims the tax free threshold for this job and PAYGis to be deducted in accordance with ATO requirements • Aaron has a salary sacrificeagreement with his employer and sacrifices $80 per week to superannuation. As part of thisagreement Superannuation Guarantee payments are paid on ordinary time earnings prior tosalary sacrifice. • Aaron is paid a car allowance at the standard ATO rate of 78 cents perkilometre For the week ended 22nd July 2022 Aaron worked a total of 42 hours and travelled35 kilometres for work in his car. Complete the pay calculations for the week in the tablebelow. Ensure that your calculations for PAYG withholding and superannuation guaranteecomply with applicable rates and legislative

It is the amount of gross earnings of an employee reduced by the income tax to be withheld on the…

You are required to manually calculate the wages for Aaron for the week ending 22 July 2022 based on the information provided below. A template is provided for recording the calculations. Aaron's hourly rate is $45 per hour and he is paid overtime at time and a half for hours in excess of 38 hours each week. He claims the tax free threshold for this job and PAYG is to be deducted in accordance with ATO requirements Aaron has a salary sacrifice

You are required to manually calculate the wages for Aaron for the week ending 22 July 2022 based on the information provided below. A template is provided for recording the calculations. Aaron's hourly rate is $45 per hour and he is paid overtime at time and a half for hours in excess of 38 hours each week. He claims the tax free threshold for this job and PAYG is to be deducted in accordance with ATO requirements Aaron has a salary sacrifice

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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Mr Smith's annual salary is $45,000. His regular workweek consists of four 10-hour workdays. He is eligible for overtime at one and a half times worked in excess of 10 hours per day or 40 hours per week. Determine his gross earnings in a pay period if he is paid semimonthly, if he is paid biweekly, if he works 6 hours of overtime in a biweekly pay period.
Fred Balm has agreed to work for the Cadenford Foundation at a total annual salary of $58,000. He is uncertain whether he should be paid bi-weekly or semi-monthly and has asked for your assistance. Calculate the typical deductions for CPP and El that must be taken from Fred's salary under either alternative. Will the choice affect the total El or CPP Fred pays during the year? Complete the table below. (Round your answers to the nearest cent.) Bi-weekly CPP = El = Semi-Monthly. CPP = El = Will the choice affect the total El or CPP Fred pays during the year? (Select the correct choice and, if necessary, fill in the answer boxes within your choice.) O A. No. The amount Fred pays is not affected because the total bi-weekly deductions per pay period multiplied by pay periods is approximately equal to the total semi-monthly deductions per pay period multiplied by pay periods. O B. Yes. The amount Fred pays is not affected because the total bi-weekly deductions per pay period multiplied by…
Parker is a salaried, nonexempt administrator for Forise Industries and is paid biweekly. The annual salary is $66,600 with a standard workweek of 40 hours. During the pay period ending February 3, 2023, Parker worked 8 hours of overtime. Parker is married filing Jointly with two dependents under the age of 17. Required: Complete the following payroll register for Parker's pay. Note: Round your intermediate calculations and final answers to 2 decimal places. Company Forise Industries Name Filing Status Period Salary Hourly Rate Dependents Parker Total Period Ended: 2/3/2023 Number of Regular Hours Number of Overtime Regular Earnings Overtime Earnings Gross Earnings Hours $ 0.00 $ 0.00 $ 0.00
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Justin Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $300.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($500.00), and the employer withholds the appropriate taxes for the tips from this first pay in March. Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, head of household), social security taxes, and state income tax (2%).
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Reed is a waiter at Albicious Foods in South Carolina. Reed is single with one other dependent and receives the standard tipped hourly wage. During the week ending October 20, 2023, 44 hours were worked, and Reed received $250 in tips. Calculate Reed's gross pay, assuming tips are included in the overtime rate determination. Use Table 3-2. Required: 1. Complete the payroll register for Reed. 2a. Does Albicious Foods need to contribute to Reed's wages to meet FLSA requirements? 2b. If so, how much should be contributed? Complete this question by entering your answers in the tabs below. Req 1 Company Complete the payroll register for Reed. Note: Do not round intermediate calculations. Round your final answers to 2 decimal places. Name Req 2a Reed Totals Albicious Foods Filing Status Req 2b S Dependents 1 Other Hourly Rate or Period Wage Overtime Rate Period Ended: Number of Regular Hours 40.00 10/20/2023 Number of Overtime Hours 4.00 $ Regular Earnings
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