FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

Chp. 8

Compute payroll An employee earns $40 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 55 hours during the week. Assume that the FICA tax rate is 7.5% and that federal income tax of $610 was withheld. a. Determine the gross pay for the week. 2,650 V b. Determine the net pay for the week. Round intermediate calculations and your final answer to the nearest cent, if rounding is required. $ 1,841 X Feedback V Check My Work a. Gross pay = Regular Working Hours x Regular Pay Rate + Additional Hours x Overtime Pay Rate b. Net pay is the gross pay minus the withholdings for federal, Medicare and social security taxes. Calculate Medicare and social security by multiplying the respective percentages with the gross pay.
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Transcribed Image Text:Compute payroll An employee earns $40 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 55 hours during the week. Assume that the FICA tax rate is 7.5% and that federal income tax of $610 was withheld. a. Determine the gross pay for the week. 2,650 V b. Determine the net pay for the week. Round intermediate calculations and your final answer to the nearest cent, if rounding is required. $ 1,841 X Feedback V Check My Work a. Gross pay = Regular Working Hours x Regular Pay Rate + Additional Hours x Overtime Pay Rate b. Net pay is the gross pay minus the withholdings for federal, Medicare and social security taxes. Calculate Medicare and social security by multiplying the respective percentages with the gross pay.
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