Computing Net PayMary Sue Guild works for a company that pays its employees 1½ times the regular rate for all hours worked inexcess of 40 per week. Guild's pay rate is $14.00 per hour. Her wages are subject to deductions for federal incometax, Social Security tax, and Medicare tax. She is married and claims four withholding allowances. Guild has a 12-hour lunch break during an 82-hour day. Her time card is shown.NameWeek EndingMary Sue GuildMarch 30, 20--Hours WorkedDayInOutInOut Regular OvertimeM7:5712:05 12:35 4:338T7:5212:09 12:39 5:058WTFS7:5912:15 12:45 5:3088:0012:01 12:30 6:3182127:5612:05 12:34 4:3088:0010:312½Complete the following for the week:a.regular hours x $14.00 per hourovertime hours x $21.00 per hourb.C.Total gross wagesd.Federal income tax withholding(Tax Tables: Refer to Figure 8-4 in the text.).e.Social Security withholding at 6.2%f.Medicare withholding at 1.45%g.Total withholdingh.Net pay00000 000

Regular Hours Pay: Multiply the total regular hours worked by the hourly wage. Mary worked 40…

Answered: Computing Net Pay Mary Sue Guild works…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 2E

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Audrey Martin and Beth James are partners in the Country Gift Shop, which employs the individuals listed below. Paychecks are distributed every Friday to all employees. Based on the information given, compute the amounts listed below for a weekly payroll period. Employers OASDI Tax ________ Employers HI Tax ________
Amanda Autry and Carley Wilson are partners in A W Gift Shop, which employs the individuals listed below. Paychecks are distributed every Friday to all employees. Based on the information given, compute the amounts listed below for a weekly payroll period. Employers OASDI Tax ________ Employers HI Tax ________
Lori Kinmark works as a jeweler for a local company. She earns 1,000 per week, plus a year-end bonus of 2,000. Kinmark also earns an additional net self-employment income of 28,000 per year. ____1.Compute Kinmarks annual earnings from employment. ____2.Compute Kinmarks total earnings from her job and from self-employment income. ____3.How much self-employment income should Kinmark include in computing taxable self-employment income for OASDI taxes? ____4.What are the total FICA taxes on her self-employment earnings?
Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.
Computing Net Pay Mary Sue Guild works for a company that pays its employees 1½ times the regular rate for all hours worked in excess of 40 per week. Guild's pay rate is $8.00 per hour. Her wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. She is married and claims four withholding allowances. Guild has a ½-hour lunch break during an 8½-hour day. Her time card is shown below. Name Mary Sue Guild Week Ending March 30, 20-- Hours Worked Day In Out In Out Regular Overtime M 7:57 12:05 12:35 4:33 8 T 7:52 12:09 12:39 5:05 8 1/2 W 7:59 12:15 12:45 5:30 8 1 T 8:00 12:01 12:30 6:31 8 2 F 7:56 12:05 12:34 4:30 8 S 8:00 10:31 2 1/2 Complete the following for the week: If required, round your answers to two decimal places. If an amount is zero, enter "0". a. fill in the blank 1 regular hours X $8.00 per hour $fill in the blank 2 b. fill in the blank 3 overtime hours X $12.00 per hour…
Computing Net Pay Mary Sue Guild works for a company that pays its employees 1½ times the regular rate for all hours worked in excess of 40 per week. Guild's pay rate is $8.00 per hour. Her wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. She is married and claims four withholding allowances. Guild has a ½-hour lunch break during an 8½-hour day. Her time card is shown below. Name Mary Sue Guild Week Ending March 30, 20-- Hours Worked Day In Out In Out Regular Overtime M 7:57 12:05 12:35 4:33 8 T 7:52 12:09 12:39 5:05 8 1/2 W 7:59 12:15 12:45 5:30 8 1 T 8:00 12:01 12:30 6:31 8 2 F 7:56 12:05 12:34 4:30 8 S 8:00 10:31 2 1/2 Complete the following for the week: If required, round your answers to two decimal places. If an amount is zero, enter "0". a. fill in the blank 1 regular hours X $8.00 per hour $fill in the blank 2 b. fill in the blank 3 overtime hours X $12.00 per hour…
(? Journalizing Payroll Transactions On December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense $8,700.00 Employee Federal Income Tax Payable 940.00 United Way Contributions Payable 220.00 Earnings subject to Social Security tax 7,600.00 Use Social Security 6.2% and Medicare 1.45% as specified in the text. 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent. Social Security Tax Medicare Tax 2. Record the journal entry for the payroll, crediting Cash for the net pay. Page: DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-- Dec. 31 2 3 4. 5 5 6 6. Payroll for week ended December 31
Computing Net Pay Mary Sue Guild works for a company that pays its employees 12 times the regular rate for all hours worked in excess of 40 per week. Guild's pay rate is $15.00 per hour. Her wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. She is married and claims four withholding allowances. Guild has a 2- hour lunch break during an 82-hour day. Her time card is shown. Name Mary Sue Guild Week Ending March 30, 20-- Hours Worked Day In Out In Out Regular Overtime M 7:57 12:05 12:35 4:33 8 T 7:52 12:09 12:39 5:05 8 1/2 W 7:59 12:15 12:45 5:30 8 1 8:00 12:01 12:30 6:31 8 F 7:56 12:05 12:34 4:30 8 S 8:00 10:31 22 Complete the following for the week: 600 40 V regular hours x $15.00 per hour a. 135 b. V overtime hours x $22.50 per hour $ 735 C. Total gross wages d. Federal income tax withholding 10.00 $1 (Tax Tables: Refer to Figure 8-4 in the text.) е. Social Security withholding at 6.2% 10 X f. Medicare withholding at 1.45% $4 71 g. Total…
Computing Net Pay Mary Sue Guild works for a company that pays its employees 1½ times the regular rate for all hours worked in excess of 40 per week. Guild's pay rate is $13.00 per hour. Her wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. She is married and claims four withholding allowances. Guild has a ½-hour lunch break during an 8½-hour day. Her time card is shown. Name Mary Sue Guild Week Ending March 30, 20-- Hours Worked Day In Out In Out Regular Overtime M 7:57 12:05 12:35 4:33 8 T 7:52 12:09 12:39 5:05 8 ½ W 7:59 12:15 12:45 5:30 8 1 T 8:00 12:01 12:30 6:31 8 2 F 7:56 12:05 12:34 4:30 8 S 8:00 10:31 2½ Complete the following for the week: a. fill in the blank 1 regular hours × $13.00 per hour $fill in the blank 2 b. fill in the blank 3 overtime hours × $19.50 per hour $fill in the blank 4 c. Total gross wages $fill in the blank 5 d. Federal income tax…
Computing Net Pay Tom Hallinan works for a company that pays its employees 1½ times the regular rate for all hours worked in excess of 40 per week. Hallinan's pay rate is $15 per hour. His wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. He is married and claims five withholding allowances. Hallinan has a 12-hour lunch break during an 8-hour day. His time card is shown. Name Tom Hallinan Week Ending March 30, 20- Hours Worked Day In Out In Out Regular Overtime M 7:55 12:02 12:32 5:33 8 1 T 7:59 12:04 12:34 6:05 8 1½ W 7:59 12:05 12:35 4:30 T 8:00 12:01 12:30 5:01 1/2 F 7:58 12:02 12:31 5:33 8 1 S 7:59 9:33 11/2 Complete the following for the week: regular hours x $15 per hour overtime hours x $22.50 per hour a. b. C. Total gross wages 000
Computing Net Pay Tom Hallinan works for a company that pays its employees 1½ times the regular rate for all hours worked in excess of 40 per week. Hallinan's pay rate is $11.50 per hour. His wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. He is married and claims five withholding allowances. Hallinan has a ½-hour lunch break during an 8½-hour day. His time card is shown. Name Tom Hallinan Week Ending March 30, 20-- Hours Worked Day In Out In Out Regular Overtime M 7:55 12:02 12:32 5:33 8 1 T 7:59 12:04 12:34 5:35 8 1 W 7:59 12:05 12:35 4:30 8 T 8:00 12:01 12:30 5:01 8 ½ F 7:58 12:02 12:31 5:33 8 1 S 7:59 9:33 1½ Complete the following for the week: a. fill in the blank 1 regular hours × $11.50 per hour $fill in the blank 2 b. fill in the blank 3 overtime hours × $17.25 per hour $fill in the blank 4 c. Total gross wages $fill in the blank 5 d. Federal income tax…

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