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 | $2,010 per week | $34 per hour | $40 per hour | |||
| Overtime earnings rate | Not applicable | 1.5 times hourly rate | 2 times hourly rate | |||
| Number of withholding allowances | 3 | 2 | 1 | |||
For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $356.90 to 28% of the difference between the employee's amount subject to withholding and $1,796.00. Assume further that the social security tax rate was 6%, the Medicare tax rate was 1.5%, and one withholding allowance is $70.
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 | $ | $ | $ |
Feedback
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.
Locate the proper withholding wage bracket in the withholding table. Pay attention to the number of exemptions each employee is claiming.
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On July 1, 2019, the Morgan County School District received a
$69,000 gift from a local civic organization with the stipulation
that, on June 30 of each year, $5,400 plus any interest earnings on
the unspent principal be awarded as a college scholarship to the
high school graduate with the highest academic average. A
private-purpose trust fund, the Civic Scholarship Fund, was
created.
Required:
a. Record the above transactions on the books of the Civic
Scholarship Fund.
b. Prepare a Statement of Changes in Fiduciary Net
Position for the Civic Scholarship Fund for the year ended June 30,
2020.
Requirement 1:
On July 1, 2019, the gift was received and immediately invested. Record the entry for receipt of the cash gift.
On July 1, 2019, the gift was received and immediately invested. Record the entry for the investment of the cash gift.
On June 30, 2020, $5,400 of the principal was converted into cash. In addition, $4,400 of interest was received.
On June 30, the $9,800 was awarded to a student who had maintained a 4.0 grade point average throughout each of her four years.
The nominal accounts were closed.
Requirement 2:
Prepare a Statement of Changes in Fiduciary Net Position for the Civic Scholarship Fund for the year ended June 30, 2020.
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