Question 3 Dave works as a mechanic. His payroll details are provided below. 1. Basic Working Hours: 48 Hours (Six 8-hour days) 2. Hourly Wage Rate: $10.00 3. Overtime: Time and half after 8 hours and double time after 4 consecutive overtime hours and on Sundays and Public Holidays. 4. FNPF Deduction: 6% 5. Other approved deduction: $100.00 6. PAYE: $41.00 Days Monday Tuesday Wednesday Thursday Friday Saturday Sunday Hours Worked 9 9 11 11 15 4005 8
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- A- Jason works Monday to Friday, from 10:00 AM to 6:00 AM, at $18.54/hour, including 30 min unpaid lunch. (A) Jason's annual CPP contribution, considering a 5.7% deduction is?Thomas Martin receives an hourly wage rate of $16, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $363; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? Oa. $832 Ob. $1,536 Oc. $1,152 Od. $7681. The hollowing payroll information is provided for Larry's Limos: Employee Bill Wheeler Shelly Spooner Max DeLuca Enrique Ruiz Wayne Hobbs Hourly Wage $9 $9 $10 $10 $12 Receipts from clients (Revenue): $8,400 Supplies Expense: $150 Vehicle Expense: $60 Value of vehicle: $6,000 Value of instruments: $3,000 a. Excise tax- Larry pays 150% of the hourly wage for hours worked in excess of 40. Larry matches any employee contributions to their IRA. Social Security/Medicare (FICA) rate is 7.65%. State Unemployment Tax (SUTA) rate is 2.5%. Federal Unemployment Tax (FUTA) rate is 0.5%$. What is the total cost of Larry's payroll? 2. Your friend, Ringo, performs music in addition to his regular job as an accountant at Amazon. His financial records for this side business include the following: b. Property tax- # Hrs. 32 36 40 46 50 c. Income tax- Ringo has licensed his business with the state as a Limited Liability Company. He is required to pay excise tax (2% of net income) and property tax (3%…
- Thomas Martin receives an hourly wage rate of $16, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 45; federal income tax withheld, $340; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? Oa. $720 Ob. $1,440 O C. $1,080 d. $760 4Thomas Martin receives an hourly wage rate of $22, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 44; federal income tax withheld, $329; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? a.$968 b.$1,012 c.$1,452 d.$1,936on 4 An employee has total gross wages of $7,000, Federal Unemployment Expense, and State Unemployment Expense. What is the correct journal entry for the employer's payroll taxes and otl expenses? Debit Crédit $535.50 $420.00 FICA Expenses Federal Unemployment Expense State Unemployment $378.00 Expense FICA Payable Federal Unemployment Expense State Unemployment Expense $535.50 $420.00 $378.00 Debit Credit FICA Expenses Federal Unemployment $535.50 $420.00 Expense State Unemployment Expense $378.00 Cash $1,333.50 Debit Credit FICA Payable Federal Unemployment $535.50 $420.00 Expense State Unemployment Payable FICA Expenses Federal Unemployment Expense State Unemployment Expense $378.00 $535.50 $420.00 $378.00 MacBook Air
- 1. The contribution limit for a Payroll Deduction IRA increases once an employee reaches _____ years of age. Answer: A. 40 B. 45 C. 50 D. 55 2. Carrie Rosenberg worked 44 hours the first week of the calendar year and earns regular wages of $18/hour. She is paid an overtime rate 1.5 times her regular wage rate, contributes 2% of her gross pay to a 401(k) plan, and contributes $40/week to a flexible spending account. Her Social Security tax for the week is $______ . 3. What types of wage garnishments are typically satisfied before others? Answer: A. Student loan payments and state/federal tax levies B. Alimony and child support payments C. Child support payments and federal tax levies D. State and federal tax leviesCalculation of Take-Home Wages (Accounting for Liabilities). Lina Lu is an hourly worker who earns $50 per hour. During the prior week, Lina worked 40 hours. The FICA rate is 6.2% and Medicare Rate is 1.45%. Lina's total wages for this payroll are subject to the aforementioned taxes. In addition, she had deductions of $280 for federal income tax and $80 for insurance contribution. What is her net pay? Can you please show how you came to this answer? Thank you!An employee receives an hourly wage rate of $18, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 45; federal income tax withheld, $349; social security tax rate, 6.0%; and Medicare tax rate, 1.5% on all earnings. What is the net amount to be paid to the employee? Select the correct answer. $442 $855 $1,151 $1,207
- An employee receives an hourly wage rate of $20, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 43; federal income tax withheld, $338; social security tax rate, 6.0%; and Medicare tax rate, 1.5% on all earnings. What is the gross pay for the employee? Select the correct answer. $890 $1,290 $1,720 $860Calculate Payroll An employee earns $44 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 50 hours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee's federal income tax withheld is $557. a. Determine the gross pay for the week. 2,750 x If applicable, round your final answer to two decimal places. b. Determine the net pay for the week. 1,911 X Feedback Check My Work Gross pay represents the total earnings of an employee for a specific pay period, prior to taxes and deductions. Net pay is also known as take-home pay.6. Sadie White receives an hourly rate of $30, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $300; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the net amount to be paid to White?|