Compute Terry’s gross pay for the 40 hour weekly pay period.
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Terry McNutt, a single employee with two withholding allowances, is paid $12.00 per hour and receives commission on net sales. He does not receive a commission until his net sales exceed $150,000. Once the minimum net sales is reached, he receives 4 percent commission on all of his sales at Skidoo Sports. During the week of January 23, he sold $82,000 of ski equipment; however, he had $2,300 of returns from the prior week’s sales. Company policy requires that commissions on sales returns are deducted from the employee’s pay, regardless of current commission earnings. Required: Compute Terry’s gross pay for the 40 hour weekly pay period. (Negative amount(s) should be indicated by a minus sign.)
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- Terry McNutt, a single employee with two withholding allowances, is paid $12 per hour and receives a commission on net sales. He does not receive a commission until his net sales exceed $150,000. Once the minimum net sales are reached, he receives 4 percent commission on all of his sales at Skidoo Sports. During the week of January 23, he sold $87,000 of ski equipment; however, he had $2,250 of returns from the prior week’s sales. Company policy requires that commissions on sales returns are deducted from the employee’s pay. What would be Terrys regular earnings, commission and gross earning?Terry McNutt, a single employee with two withholding allowances, is paid $11.50 per hour and receives commission on net sales. He does not receive a commission until his net sales exceed $150,000. Once the minimum net sales is reached, he receives 2 percent commission on all of his sales at Skidoo Sports. During the week of January 23, he sold $83,000 of ski equipment; however, he had $2,200 of returns from the prior week's sales. Company policy requires that commissions on sales returns are deducted from the employee's pay, regardless of current commission earnings. Required: Compute Terry's gross pay for the 40 hour weekly pay period. (Negative amount(s) should be indicated by a minus sign.) Company Skidoo Sports Period Ended: 1/23/20XX Name M/S # of W/H Hourly Rate No. of Regular Hours Regular Earnings Commissions Gross Earnings Terry McNuttTerry, a single employee with two dependents under the age of 17, is paid $16.50 per hour and receives a commission on net sales. No commission is received until net sales exceed $150,000. Once the minimum net sales are reached, the 2 percent commission on sales applies. During the week of January 28, there were $83,000 of sales; however, $2,200 of returns from the prior week’s sales. Company policy requires that commissions on sales returns are deducted from the employee’s pay, regardless of current commission earnings. Required:Compute Terry’s gross pay for the 40-hour weekly pay period.Note: Negative amount(s) should be indicated by a minus sign. Period Ended: 1/28/20XX Name Filing Status Dependents Hourly Rate Number of Regular Hours Regular Earrings Commissions Gross Earrings Terry S 2<17 S16.50 Total S0.00 S0.00 $0.00
- Simpson manages a Dairy King drive-in. His straight-time pay is $16 per hour, with time-and-a-half for hours in excess of 40 per week. Simpson's payroll deductions include withheld income tax of 40%, FICA tax, and a weekly deduction of $10 for a charitable contribution to United Way. Simpson worked 52 hours during the week. Requirements 1. Compute Simpson's gross pay and net pay for the week. Assume earnings to date are $13,000. 2. Journalize Dairy King's wages expense accrual for Simpson's work. An explanation is not required. 3. Journalize the subsequent payment of wages to Simpson. More Info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on…Moisa Evans is a maitre d’ at Red Rock Club. On September 5, his gross pay was $900 (three days working, one paid vacation day, and one paid sick day). He also reported to his employer tips of $860 for the previous month (applicable taxes to be deducted out of this pay). Evans belongs to the company’s 401(k) plan and has 5 percent of his gross pay ($900) deducted each week (salary reduction). Red Rock Club also provides a matching contribution ($45) into the plan for Evans. This week’s pay would have a: a. Deduction for OASDI tax $ b. Deduction for HI tax $Cam Fitzer, a white-collar exempt employee, started working for Villan Company on Thursday of this week. He worked 9 hours on both Thursday and Friday. His annual salary is $77,000, and he is paid weekly for a 5-day week. Determine his gross pay for his first partial week of work.
- During the first week of January, an employee works 48 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $10 per hour, and her wages are subject to no deductions other than Federal Insurance Contributions Act (FICA) Social Security, Federal Insurance Contributions Act (FICA) Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first $137,700 earned each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $87 in federal income taxes withheld. What is the amount of this employee's net pay for the first week of January? (Round your intermediate calculations to two decimal places.) Multiple Choice $126.78 $393.22 $520.00…Moisa Evans is a maitre d’ at Red Rock Club. On September 6, his gross pay was $900 (three days working, one paidvacation day, and one paid sick day). He also reported to his employer tips of $860 for the previous month (applicable taxes to be deducted out of this pay). Evans belongs to the company’s 401(k) plan and has 5% of his gross pay($900) deducted each week (salary reduction). Red Rock Club also provides a matching contribution ($45) into theplan for Evans. This week’s pay would have a:a. Deduction for OASDI tax $b. Deduction for HI tax $During the first week of January, an employee works 50 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $20 per hour, and her wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee’s pay. The employee has $84 in federal income taxes withheld. What is the amount of this employee’s net pay for the first week of January? (Round your intermediate calculations to two decimal places.) Multiple Choice $168.15 $1,015.85 $1,100.00 $1,268.15 $931.85
- During the first week of January, an employee works 44 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $14 per hour, and her wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee’s pay. The employee has $93 in federal income taxes withheld. What is the amount of this employee’s gross pay for the first week of January?A company has 100 employees, each working 40 hours per week and earning $16 an hour. Although the company does not pay any health or retirement benefits, one of the perks of working at the company is that employees are allowed free skiing on their days off. Federal income taxes are withheld at 15% and state income taxes at 5%. FICA taxes are 7.65% of the first $128,400 earned per employee and 1.45% thereafter. Unemployment taxes are 6.2% of the first $7,000 earned per employee. Required: 1. Compute the total salary expense, the total withholdings from employee salaries, and the actual direct deposit of payroll for the first week of January. Total salary expense Total withholdings Actual direct depositA company has 100 employees, each working 40 hours per week and earning $16 an hour. Although the company does not pay any health or retirement benefits, one of the perks of working at the company is that employees are allowed free skiing on their days off. Federal income taxes are withheld at 15% and state income taxes at 5%. FICA taxes are 7.65% of the first $128,400 earned per employee and 1.45% thereafter. Unemployment taxes are 6.2% of the first $7,000 earned per employee. 2. Compute the total payroll tax expense the company will pay for the first week of January in addition to the total salary expense and employee withholdings calculated in Part 1. Total payroll tax expense
