Question

Calculate Payroll An employee earns $32 per hour and 1.75 times that rate for all hours...

Calculate Payroll

An employee earns $32 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, and that the gross pay prior to the current week totaled $46,400. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $509.

a. Determine the gross pay for the week.

If applicable, round your final answer to two decimal places.

b. Determine the net pay for the week.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

a) Gross pay :[55*32] regular pay + [(55- 40)*32*1.75]

           1760+ 840

            2600

b)Social security tax and medicare tax : 2600 * (6%+ 1.5%)

              2600 * 7.5%

             = 195

Total witholdings = 195+509 = 704

net pay = gross pay - total witholdings

        = 2600 - 704

       = $ 1896

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
An employee earns $32 per hour and 1.75 times that rate for all hours in excess...
An employee earns $32 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, and that the gross pay prior to the current week totaled $46,400. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $509. a. Determine the gross pay for the week. $ If applicable, round...
Calculate Payroll An employee earns $20 per hour and 1.5 times that rate for all hours...
Calculate Payroll An employee earns $20 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 60 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 $322. a. Determine the gross pay for the week. $ If applicable, round your final answer to two decimal places. b. Determine the net pay...
Calculate Payroll K. Mello Company has three employees—a consultant, a computer programmer, and an administrator. The...
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 $4,000 per week $30 per hour $40 per hour Overtime earnings rate Not applicable 2 times hourly rate 1.5 times hourly rate Federal income tax withheld $925.00 $248.00 $505.00 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay...
Calculate Payroll K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The...
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 $3,010 per week $30 per hour $44 per hour Overtime earnings rate Not applicable 2 times hourly rate 1.5 times hourly rate Federal income tax withheld $910 $241 $495 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay...
Calculate Payroll K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The...
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 $2,310 per week $34 per hour $48 per hour Overtime earnings rate Not applicable 2 times hourly rate 1.5 times hourly rate Federal income tax withheld $915 $255 $515 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay...
Calculate Payroll K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The...
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 $3,310 per week $32 per hour $44 per hour Overtime earnings rate Not applicable 2 times hourly rate 1.5 times hourly rate Federal income tax withheld $910 $244 $510 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay...
Calculate Payroll Breakin Away Company has three employees—a consultant, a computer programmer, and an administrator. The...
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 Administrator Regular earnings rate $4,000 per week $60 per hour $50 per hour Overtime earnings rate* Not applicable 1.5 times hourly rate 2 times hourly rate Number of withholding allowances 2 1 2 *For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay...
Chapter 10 - 4 Calculate Payroll K. Mello Company has three employees-a consultant, a computer programmer,...
Chapter 10 - 4 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 $3,210 per week $34 per hour $40 per hour Overtime earnings rate Not applicable 2 times hourly rate 1.5 times hourly rate Federal income tax withheld $920 $244 $510 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week....
alculate Payroll K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The...
alculate Payroll K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: ConsultantComputer ProgrammerAdministrator Regular earnings rate$2,310 per week $32 per hour $50 per hour Overtime earnings rateNot applicable 2 times hourly rate 1.5 times hourly rate Federal income tax withheld$910 $242 $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...
Calculate Payroll Breakin Away Company has three employees—a consultant, a computer programmer, and an administrator. The...
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 Administrator Regular earnings rate $4,000 per week $60 per hour $50 per hour Overtime earnings rate* Not applicable 1.5 times hourly rate 2 times hourly rate Number of withholding allowances 2 1 2 *For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT