FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- 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: Consultant Computer Programmer $28 per hour Administrator $42 per hour 1.5 times hourly rate 2 times hourly rate 2 Regular earnings rate Overtime earnings rate Number of withholding allowances Gross pay Net pay $3,210 per week Not applicable 3 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. 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…arrow_forwardJournallze employer payroll taxes. No employee has reached the Social Security limit of $128,400 or the FUTA/SUTA limit of $7,000. (Round answers to 2 decimal places, es. 15.25. Credit account titles are qutomatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Mar. 15 eTextbook and Media List of Accounts Journalize the payment on March 31 of the FICA taxes and federal income taxes payable only. (Round answers to 2 decimal places, es 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Mar. 31arrow_forwardCalculate Payroll Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earnings rate $3,210 per week $32 per hour $42 per hour Overtime earnings rate Not applicable 1.5 times hourly rate 2 times hourly rate Number of withholding allowances 3 2 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. Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal…arrow_forward
- Take me to the text An employee had $24,300 in gross earnings up to February 20, 2021. She has the following information for her pay for the week ending February 27, 2021. Her employer contributes 100% toward CPP and 140 % toward El. Vacation pay is accrued at 4% of gross pay. Workers' Compensation is 1% of gross pay. Item Amount Hours 36 Hourly Rate $16.20 Income Tax $116.64 Canada Pension Plan $28.12 Employment Insurance $9.21 Union Dues $10.00 Charitable Donations $20.00 Do not enter dollar signs or commas in the input boxes. Round your answers to 2 decimal places. For transactions with more than one debit or more than one credit, enter the debit accounts in alphabetical order followed by credit accounts in alphabetical order.arrow_forwardCompute Payroll Floatin Away Company has three employees—a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earnings rate $2,710 per week $34 per hour $44 per hour Overtime earnings rate* Not applicable 1.5 times hourly rate 2 times hourly rate Number of withholding allowances 3 2 1 *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 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 $276.54 to 24% of the difference between the employee's amount subject to withholding and $1,692.00. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $81. Determine the gross pay and the net pay for each of the three…arrow_forwardEmployee Earnings Record Mary’s Luxury Travel uses a weekly federal income tax withholding table. Refer to Figure 8-4 in the text. The payroll data for each employee for the week ended March 22, 20—, are given. Employees are paid 1½ times the regular rate for working over 40 hours a week. Name No. ofAllowances MaritalStatus Total HoursWorked Mar. 16–22 Rate Total EarningsJan. 1–Mar. 15 Bacon, Andrea 4 M 44 $14.00 $6,300.00 Cole, Andrew 1 S 40 15.00 6,150.00 Hicks, Melvin 3 M 44 13.50 5,805.00 Leung, Cara 1 S 36 14.00 5,600.00 Melling, Melissa 2 M 40 14.50 5,945.00 Social Security tax is withheld from the first $128,400 of earnings at the rate of 6.2%. Medicare tax is withheld at the rate of 1.45%, and city earnings tax at the rate of 1%, both applied to gross pay. Bacon and Leung have $15 withheld and Cole and Hicks have $10 withheld for health insurance. Bacon and Leung have $20 withheld to be invested in the travel agency’s credit union. Cole has $38.75…arrow_forward
- Calculate Payroll K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earnings rate $2,210 per week $28 per hour $40 per hour Overtime earnings rate Not applicable 2 times hourly rate 1.5 times hourly rate Federal income tax withheld $925 $246 $510 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 54 hours and the administrator worked 62 hours. Assume further that the social security tax rate was 6%, and the Medicare tax rate was 1.5%. 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. Consultant Computer Programmer Administrator Gross…arrow_forwardComputing Overtime Rate of Pay and Gross Weekly Pay Marcos Putnam receives a regular salary of $3,120 a month and is paid 12 times the regular hourly rate for hours worked in excess of 40 per week. a. Calculate Putnam's overtime rate of pay. overtime pay per hour b. Calculate Putnam's total gross weekly pay if he works 45 hours during the week. %24 %24arrow_forwardCalculate payrollK. Mello Company has three employees—a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant ComputerProgrammer Administrator Regular earnings rate $5,000 perweek $50 per hour $60 per hour Overtime earnings rate Not applicable 2 times hourly rate 1.5 times hourlyrate Federal income taxwithheld $1,150 $428 $572 For the current pay period, the computer programmer worked 48 hours and the administrator worked 51 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%.Determine the gross pay and the net pay for each of the three employees for the current pay period.arrow_forward
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