Calculate Payroll Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Regular earnings rate Overtime earnings rate Number of withholding allowances Consultant $3,210 per week Not applicable Gross pay Net pay Computer Programmer $32 per hour 1.5 times hourly rate 2 $48 per hour 2 times hourly rate 3 1 For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $356.90 to 28% of the difference between the employee's amount subject to withholding and $1,796.00. Assume further that the social security tax rate was 6%, the Medicare tax rate was 1.5%, and one withholding allowance is $70. Consultant Administrator Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. If required, round your answers to two decimal places. Computer Programmer Administrator

Calculate Payroll Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Regular earnings rate Overtime earnings rate Number of withholding allowances Consultant $3,210 per week Not applicable Gross pay Net pay Computer Programmer $32 per hour 1.5 times hourly rate 2 $48 per hour 2 times hourly rate 3 1 For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $356.90 to 28% of the difference between the employee's amount subject to withholding and $1,796.00. Assume further that the social security tax rate was 6%, the Medicare tax rate was 1.5%, and one withholding allowance is $70. Consultant Administrator Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. If required, round your answers to two decimal places. Computer Programmer Administrator

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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Alpine Company pays its employees time-and-a-half for hours worked in excess of 40 per week. The information available from time cards and employees’ individual earnings records for the pay period ended October 14 is shown in the following chart: Earnings at End Daily Time Income Tax Name of Previous Week M T W T F S Pay Rate Allowances or Amount Bardin, J. 43,627.00 8 8 8 8 8 2 21.30 2 Caris, A. 44,340.00 8 8 8 8 8 8 21.60 1 Drew, W. 43,845.00 8 10 10 8 8 0 21.50 1 Garen, S. 117,600.00 8 8 8 8 8 0 49.00 $227.83 North, O. 43,875.00 8 8 8 8 8 5 21.40 3 Ovid, N. 40,150.00 8 8 8 8 8 0 21.50 1 Ross, J. 6,430.00 8 8 8 8 8 4 20.50 1 Springer, O. 44,175.00 8 8 8 8 8 3 21.25 2 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. *Round to the nearest penny. Required: 1. Complete the payroll register…
Compute payroll K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Computer Programmer $30 per hour Administrator $48 per hour Regular earnings rate Overtime earnings rate 2 times hourly rate $253 1.5 times hourly rate $515 Federal income tax withheld For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 52 hours and the administrator worked 62 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. Consultant $3,010 per week Not applicable $925 Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. When required round intermediate calculations and final answers to two decimal places. Consultant Computer Programmer Gross pay Net pay Administrator
An employee whose regular hourly rate is $12 and whose overtime rate is 1.5 times the regular rate worked 45 hours in one week. The employers should record an overtime premium of blank in the payroll register.
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Sandhill Company has the following data for the weekly payroll ending January 31. Employee L. Helton R. Kenseth M 8 8 D. Tavaras 9 Jan. 31 T 8 8 12 Hours W 12 8 8 T 8 8 8 F 10 8 S 3 Date Account Titles and Explanation 5 9 0 Hourly Rate $12 16 13 Federal Income Tax Withholding Health Insurance $34 37 58 Employees are paid 1½ times the regular hcrly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages). Sandhill Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment taxes on the first $7,000 of gross earnings. Debit $10 Prepare the journal entry to record Sandhill's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.) 25 Credit 25
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