Question

K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following 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 $2,510 per week $28 per hour $50 per hour
Overtime earnings rate Not applicable 2 times hourly rate 1.5 times hourly rate
Federal income tax withheld $920 $240 $495

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 65 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 pay $ $ $
Net pay $ $ $

Homework Answers

Answer #1

Answer:

Determine the gross pay and the net pay for each of the three employees for the current pay period

Gross pay:
Consultant 2510
Computer programmer 1904 =(40*28)+(28*2*(54-40))
Administrator 3875 =(40*50)+((65-40)*50*1.5)
Consultant Computer programmer Administrator
Gross pay 2510 1904 3875
Less:Deductions
Social Security tax(2510*6 2510*6%=150.6 1904*6%=114.24 3875*6%=232.5
Medicane tax 2510*1.5%=37.65 1904*1.5%=28.56 3875*1.5%=58.125
Federal income tax 920 240 495
Net pay 2510-150.6-37.65-920=1401.75 1904-114.24-28.56-240=1521.2 3875-232.5-58.125-495=3089.375
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