Empl Hrs OT Rate Gross FIT FICA Health Dental Net 0010 40 $14 $560 $56.00 $42.84 $15 $5 0011 40 $16 $832 $83.20 $63.65 $15 $0 1101 $60,000 $1,154 $230.77 $88.27 $200 $12 Calculate the net pay for employee 1101. The overtime rate is time-and-a-half. A. $670.15 B. $622.96 C. $441.16 D. $849.00 - 2022 International Academy of Science. AIl Rights Reserved.
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- Hours Employee M T W T F S Hourly Rate Federal Income Tax Withholding Health Insurance L. Helton 9 7 8 8 10 2 $12 $33 $12 R. Kenseth 7 8 8 8 8 5 14 36 27 D. Tavaras 9 10 8 9 9 0 15 60 26 Employees are paid 1.50 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% on the first $132,900 of gross earnings. Bonita Company is subject to 5.40% state unemployment taxes and 0.60% federal unemployment taxes on the first $7,000 of gross earnings. (a) Prepare the payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.) Employee Total Hours L. Helton R. Kenseth D. Tavaras Totals Earnings Regular Overtime Gross Pa $Complete the following table (assume the overtime for each employee is a time-and-a-half rate after 40 hours): (Do not round Intermediate calculations. Round your "overtime rate" and "gross earnings" to the nearest cent.) Total Total regular overtime Regular Gross Employee MT W Th F Sa hours hours rate Overtime rate earnings Ryan 12 8 10 6 3 40 7 $7.80 esComplete the following table (assume the overtime for each employee is a time-and-a-half rate after 40 hours): (Do not round intermediate calculations. Round your "overtime rate" and "gross earnings" to the nearest cent.) Total regular hours Total overtime hours Employee Regular Gross M T W Th Sa rate Overtime rate earnings Ryan 12 8 10 8 6 3 40 $7.80 11.70 24 1.50
- 1.The following information is applicable to a weekly paid employee for JQ Ltd Normal working week (5 days) 40hoursNumber of hours worked 45 hours normal remuneration rate R5 Overtime rate R7 Pension Fund (based on remuneration) Employer’s contribution 5%Employee contribution 2%Medial Aid Fund R50 PAYE (based on taxable income) R10%UIF R10 1.1)Calculate employee net salary for the weekEployees Salary Details Total Income Tax (12 Employee Total Hours Overtime Other Pay/Hour Overtime Gross Pay Net Pay Worked our Deductibles Name Hours Ahmad 150 10 SA000 SS52.00 S3.54.00 120 10 $2.0000 5340.00 S1.760.00 $2.54.00 S4.202.00 15 Fatima S25.0 180 20 S4.900.0 SSBL.00 1525 13.75 S1.2L.00 10 The employee with the max net salary is: Fatima 13 14 15 17 1- Build the table shown above exactly the same. (pay attention to the styling ex.Merged cells, Borders and alignment). 2- Name the worksheet as " Payroll". 3- Calculate the Gross Pay using the formula: ( Total hours worked * pay/hours + total overtime hours * overtime/hour) 4- Calculate the income tax using the formula ( income tax percentage * gross pay → 0.12*gross pay). 5- Add the other deductibles column as it is. 6- Calculate the net pay by using the formula ( gross pay - (income tax + other deductibles). 7- Merge the cells B10:E11) as shown. 8- Find the maximum and minimum values in net pay column and highlight them. 9.…pay at one and one-half times their regular hourly rate. E TTTT T Marital Withholding Allowances Cumulative Earnings $32,860 53,972 57,300 26,620 Hours Regular Worked Hourly Rate Employee Grace Dodger Ron Dollar Alex Garcia Status 47 $16.70 4 49 26.90 M. 43 28.50 1 Red Russell 40 13.70 Required: 2. Compute the regular, overtime, and gross earnings for each employee. Enter the figures in the payroll register. 3. Compute the amount of social security tax to be withheld from each employee's gross earnings. Assume a 6.2 percent social security rate on the first $132,900 earned by the employee during the year. Enter the figures in the payroll register. 4. Compute the amount of Medicare tax to be withheld from each employee's gross earnings. Assume a 1.45 percent Medicare tax rate on all salaries and wages earned by the employee during the year. Enter the figures in the payroll register. 5. Determine the amount of federal income tax to be withheld from each employee's total earnings. Use the…
- Next Question Find the overtime rate, the amount of earnings at regular pay, the amount at overtime pay hours. wages for the employee. Hours in excess of 40 are overtime Name M T w Th F Total Hrs. Reg. Hrs. O.T. Hrs. Bond. R. 7.7 8.9 5.5 4.3 4.5 9.1 ..... Reg. O.T. Gross Earnings Name Rate Rate Regular Overtime Total Bond, R. $7.46 $ I$ What was the overtime rate for Mr. Bond? (Round to the nearest cent.) What was the amount of earnings at Mr. Bond's regular pay? (Round to the nearest cent.) What was the amount of earnings at Mr. Bond's overtime pay? (Round to the nearest cent.)Problem 2. A weekly payroll summary made from time tickets shows the following data: A weekiy payroii su mai y mauv uv . Exemption Status S Number of Hours Rate/Hour Regular Overtime 40 40 + Employe Austria, B. Bautista, D. De Santos, M. Motus, R. Reyes, A. Classification Direct Direct Direct Indirect 36 36 МЕ 45 40 4 МЕ-2 30 40 4. Indirect HF 30 40 HF Overtime is payable at one-and-a-half times the regular rate of pay for an employee. Required • a) Determine the net pay for each employee. b) Prepare journal entries for: • recording the payroll. payment of the payroll. • distribution of the payroll. • the employer's payroll taxes.ssment i $1 : aw 11 F1 Day Monday Tuesday Wednesday Thursday Friday Lucas is an hourly worker and earns $17.85 per hour. During a week's pay period, he worked the following hours and minutes: 2 W Multiple Choice о O Using the hundredth-hour method, what is Lucas's gross pay for the week? The employer pays overtime for all time worked in excess of 40 hours per week. (Do not round intermediate calculations. Round final answer to 2 decimal places.) F2 C 24 # Hours Minutes 8 09 7 43 8 36 9 02 8 14 3 $735.12 $745.60 $760.61 E The Morfatt's Fam.... s MyPath - Home Protection Plan 80 F3 $ 4 a F4 R F7 U DII 8 F8 Bread Member Po... My Products- ( I DD 9 F9 W Help 0 F10 0 Save & B 4 P F11 C
- Assume an employee has a gross pay of $500 and vacation pay is paid out at 4%. How much extra gross pay does the employee receive on their paycheque? Select one: a. $500 O b. $0 c. $20 d. $480*Today's Assignment* Design a salary slip for the month of December 2021 with information given below. Fixed vs variable ratio- 70:30Ctc - 18LBasic- 50%Hra- 20%Da - 12%Travel allowance- 2000Insurance - 2500Incentive- 75% target completionPf 12%Earned leaves - 2LOP - 4 Prepare the assignment in Ms excel/ Ms Word. And submit on whatsApp. Before 4 pm tomorrow. RegardsAsap