Question

In: Accounting

1. An employee receives an hourly wage rate of $24, with time-and-a-half for all hours worked...

1. An employee receives an hourly wage rate of $24, with time-and-a-half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 44; federal income tax withheld, $145; social security tax rate, 6.0%; Medicare tax rate, 1.5%; state unemployment compensation tax, 3.4% on the first $7,000; and federal unemployment compensation tax, 0.8% on the first $7,000. What is the net amount to be paid to the employee? Round your answer to the nearest cent.

2. Thomas Martin receives an hourly wage rate of $19, with time-and-a-half pay for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $347; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin?

Solutions

Expert Solution

Part 1

Regular pay (40*24)

960

Overtime pay ((44-40)*24*1.5)

144

Gross pay

$1104

federal income tax withheld = 145

Social security tax = 1104*6% = 66.24

Medicare tax = 1104*1.5%

Net pay = gross pay - federal income tax withheld - Social security tax - Medicare tax = 1104-145-66.24-16.56 = $876.20

Part 2

Regular pay (40*19)

760

Overtime pay ((46-40)*19*1.5)

171

Gross pay

$931


Related Solutions

An employee receives an hourly wage rate of $16, with time-and-a-half for all hours worked in excess of 40 during the week.
An employee receives an hourly wage rate of $16, with time-and-a-half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 47; federal income tax withheld, $145; social security tax rate, 6.0%; Medicare tax rate, 1.5%; state unemployment compensation tax, 3.4% on the first $7,000; and federal unemployment compensation tax, 0.8% on the first $7,000. What is the net amount to be paid to the employee? Round your...
Martin Jackson receives an hourly wage rate of $17, with time-and-a-half pay for all hours worked...
Martin Jackson receives an hourly wage rate of $17, with time-and-a-half pay 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, $163; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the net amount to be paid to Jackson, rounded to the nearest cent?
An employee receives an hourly rate of $15, with time and a half for all hours...
An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the first week of the calendar year are as follows: hours worked, 46; federal income tax withheld, $110, Social security tax rate,6%; and Medicare tax rate, 1.5%; state unemployment tax, 5.4% on the fast $7,000; federal unemployment tax, 0.81% on the first $7,000. What is the net amount to be paid to the...
An employee receives an hourly rate of $15, with time and a half for all hours...
An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $120; all earnings are subject to social security tax; Social security tax rate, 6%; and Medicare tax rate, 1.5%; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment compensation tax, 0.8% on the first $7,000. Prepare the journal...
13.Martin Jackson receives an hourly wage rate of $19, with time-and-a-half pay for all hours worked...
13.Martin Jackson receives an hourly wage rate of $19, with time-and-a-half pay 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, $163; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the net amount to be paid to Jackson, rounded to the nearest cent?
1. An employee receives an hourly rate of $45, with time and a half for all...
An employee receives an hourly rate of $45, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $950; social security tax rate, 6.0%; Medicare tax rate, 1.5%; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment compensation tax, 0.8% on the first $7,000. Calculate the employer's payroll tax expense if: (a) This is the first payroll of...
6. An employee receives an hourly rate of $17.00, with time and a half for all...
6. An employee receives an hourly rate of $17.00, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the first week of the calendar year are as follows: hours worked, 46.00 federal income tax withheld, $132.00; Social security tax rate, 6% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment compensation tax, .8% on the first...
Thomas Martin receives an hourly wage rate of $40, with time and a half for all...
Thomas Martin receives an hourly wage rate of $40, 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, $350; social security tax rate, 6.0% and Medicare tax rate, 1.5%. What is the gross pay for Martin? $1, 730 $2, 080 $1, 531 $449
Sadie White receives an hourly rate of $30, with time and a half for all hours...
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? $1,143.00 $1,260.00 $1,443.00 $1,000.00
Beth Corbin’s regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours.
Beth Corbin’s regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Beth works 45 hours. Beth’s federal income tax withholding is $95, she has no voluntary deductions, and the FICA tax rate is 7.65%. Compute Beth Corbin’s gross earnings and net pay for the pay period.    
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT