Given conditions, complete the wage calculation Craft-Mason Wage rate-$26.00 per hour Hours worked-50 hours per week...

Given conditions, complete the wage calculation

Craft-Mason
Wage rate-$26.00 per hour
Hours worked-50 hours per week for 18 weeks and 40 hours per week for 19 weeks
Paid vacation, holidays, and sick leave-Three weeks at 40 hours per week Overtirne-Time-and-a-halffor any hours over 40 per week
Gas allowance-$100 per month
Annual bonus-$500
Social security-6.2 percent on the first $106,800 of wages Medicare-lAS percent ofallwages
FUTA-0.8 percent on the first $7,000 of wages
SUTA--4.5 percent on the first $18,000 ofwages
Worker 's compensation insurance-$7.25 per $100.00 of wages
General liabili ty insurance-O.75 percent of wages Health insurance (company's portion)-$300 per month per
employee Retirem ent-$0.75 per $1.00 contributed by the employee on.
6 percent of the employee's wages

Solutions

Expert Solution

Craft-Mason	Rate		Hours/Units
Wage rate	26	$/H	1480	38480
Hours worked-40 hours per week for 19+18 =37 weeks , 37*40 hours
Extra time 1.5 times (10 hours more for 18 weeks) , 10*18 hours	39	$/H	180	7020
Paid vacation, holidays, and sick leave-Three weeks at 40 hours per week	26	$/H	120	3120
All Wages				48620
Gas allowance	100	$/Month	12	1200
Annual bonus	500	$/	1	500
Social security-6.2 percent on the first $106,800 of wages	6.20%		48620	3014.44
Medicare-l AS percent of all wages	6.20%		48620	3014.44
FUTA-0.8 percent on the first $7,000 of wages	0.80%		7000	56
SUTA--4.5 percent on the first $18,000 ofwages	4.50%		18000	810
Worker 's compensation insurance-$7.25 per $100.00 of wages	7.25%		48620	3524.95
General liabili ty insurance-O.75 percent of wages	0.75%		48620	364.65
Health insurance (company's portion)-$300 per month per emplyee	300	$/Month	12	3600
Retirem ent-$0.75 per $1.00 contributed by the employee on 6 percent of the employee's wages	4.50%	(0.75*6%/1)		0

Total Pay				64704.48

The formulae used:

Craft-Mason	Rate		Hours/Units
Wage rate	26	$/H	=(19+18)*40	=D2*B2
Hours worked-40 hours per week for 19+18 =37 weeks , 37*40 hours
Extra time 1.5 times (10 hours more for 18 weeks) , 10*18 hours	=1.5*B2	$/H	=10*18	=D4*B4
Paid vacation, holidays, and sick leave-Three weeks at 40 hours per week	26	$/H	=40*3	=D5*B5
All Wages				=SUM(E2:E5)
Gas allowance	100	$/Month	12	=D7*B7
Annual bonus	500	$/	1	=D8*B8
Social security-6.2 percent on the first $106,800 of wages	0.062		=SUM(E2:E5)	=D9*B9
Medicare-l AS percent of all wages	0.062		=D9	=D10*B10
FUTA-0.8 percent on the first $7,000 of wages	0.008		7000	=D11*B11
SUTA--4.5 percent on the first $18,000 ofwages	0.045		18000	=D12*B12
Worker 's compensation insurance-$7.25 per $100.00 of wages	0.0725		=D9	=D13*B13
General liabili ty insurance-O.75 percent of wages	0.0075		=D13	=D14*B14
Health insurance (company's portion)-$300 per month per emplyee	300	$/Month	12	=D15*B15
Retirem ent-$0.75 per $1.00 contributed by the employee on 6 percent of the employee's wages	=0.75*6%/1	(0.75*6%/1)		=D16*B16

Total Pay				=SUM(E7:E16,E2:E5)

keosha answered 1 year ago

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