College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
expand_more
expand_more
format_list_bulleted
Question
Chapter 7, Problem 2E
To determine
Complete and fill the banks with payroll calculations for the week.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Coronado 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, Coronado works 43 hours. Coronado’s federal income tax withholding is $96, and she has no voluntary deductions. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages.Compute Coronado Corbin’s gross earnings and net pay for the pay period. (Round Intermediate calculation and final answers to 2 decimal places, e.g. 15.25.)
Gross earnings
Net pay
Lisa Meilo works for Pacific Company, which pays its employees time-and-a-half for all hours worked in excess of 40 per week. Meilo's pay rate is $37 per hour. Her wages are subject to federal income tax, a Social Security tax deduction at the rate of 6.2 percent, and a Medicare tax deduction at the rate of 1.45 percent. She is married and claims three allowances. Meilo has an unpaid half-hour lunch break during an 8½-hour day. In the most recent pay period, she worked 50 hours. Meilo's beginning cumulative earnings are $73,654.
Complete the following. If required, round all intermediate calculations and answers to the nearest cent, use rounded answers in subsequent computations
a. fill in the blank 1 hours at straight time × $ fill in the blank 2 per hour
$fill in the blank 3
b. fill in the blank 4 hours overtime × $fill in the blank 5 per hour
fill in the blank 6
c. Total gross pay
$fill in the blank 7
d. Federal income tax withholding
$247.30
e. Social…
Lisa Meilo works for Pacific Company, which pays its employees time-and-a-half for all hours worked in excess of 40 per week. Meilo's pay rate is $40.00 per hour. Her wages are subject to federal income tax, a Social Security tax deduction at the rate of 6.2 percent, and a Medicare tax deduction at the rate of 1.45 percent. She is married and claims three allowances. Meilo has an unpaid half-hour lunch break during an 8½-hour day. In the most recent pay period, she worked 48 hours. Meilo's beginning cumulative earnings are $75,200.
Questions: ( in attached image).
Thanks
Chapter 7 Solutions
College Accounting (Book Only): A Career Approach
Ch. 7 - Prob. 1QYCh. 7 - Which of the following taxes are not withheld from...Ch. 7 - Calculate an employees total earnings if the...Ch. 7 - Prob. 4QYCh. 7 - Prob. 5QYCh. 7 - Prob. 6QYCh. 7 - When is the payroll register updated? a. Annually...Ch. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQ
Ch. 7 - Explain the difference between gross earnings and...Ch. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Determine the gross pay for each employee listed...Ch. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Prob. 4ECh. 7 - For tax purposes, assume that the maximum taxable...Ch. 7 - On January 21, the column totals of the payroll...Ch. 7 - Prob. 7ECh. 7 - Assume that the employees in Exercise 77 are paid...Ch. 7 - Prob. 1PACh. 7 - Prob. 2PACh. 7 - Prob. 3PACh. 7 - Prob. 4PACh. 7 - Prob. 5PACh. 7 - Prob. 1PBCh. 7 - Prob. 2PBCh. 7 - Prob. 3PBCh. 7 - Prob. 4PBCh. 7 - Prob. 5PBCh. 7 - Attracting and retaining the best employees is...Ch. 7 - Southern Company pays its employees weekly by...Ch. 7 - Prob. 3A
Knowledge Booster
Similar questions
- Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.arrow_forwardSuzanne works in a garment factory and is paid a basic rate of $19.26 for each hour worked between 7am and 4:30 pm, excluding lunch hour, Monday to Friday. However, she paid at time and a half for overtime worked from Monday to Friday and at double time for overtime worked during the weekends. She is taxed at the rate of 10 cent in each dollar and pays 7.5% of her weekly pay for NPF contribution plus superannuation at 3.25% of her basic weekly wage. Use the information given in her time sheet to answer the following questions. Days: Monday, 7am clock in 6pm clock out Tuesday, 7am clock in 6:30pm clock out. Wednesday,7am clock in 5:30pm clock out. Thursday,7am clock in 7pm clock out Friday, 7am clock in…arrow_forwardElizabeth’s regular hourly wage rate is $22, and she receives an hourly rate of $33 for work in excess of 40 hours. During a January pay period, Elizabeth works 49 hours. Elizabeth’s federal income tax withholding is $97, and she has no voluntary deductions. Compute Elizabeth’s net pay for the pay period. Assume that the FICA tax rate is 7.65%.arrow_forward
- Julie Whiteweiler made $930 this week. Only social security (fully taxable) and federal income taxes attach to her pay. Whiteweiler contributes $100 each week to her company's 401(k) plan and has $25 put into her health savings account (nonqualified) each week. Her employer matches this $25 each week. Determine Whiteweiler's take-home pay if she is single and claims 2 allowances (use the wage-bracket method). Enter deductions beginning with a minus sign (-). Round your calculations and final answers to the nearest cent. use the wage bracket 2019arrow_forwardKaren’s Moore is married, claims five withholding allowances, and earns $3,500 per month. In addition to social security, Medicare, and FIT, Karen pays 2.1% state income tax, 1/2 for state disability insurance (both based on gross income), $43.11 for life insurance, and $72.30 to the creditunion. As payroll manager for Karen’s company, calculate her net take-home pay per month.arrow_forwardLenny Florita, an unmarried employee, works 48 hours in the week ended January 12. His pay rate is $14 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims two withholding allowances. Compute his regular pay, overtime pay (Lenny earns $21 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion), income tax deduction (use the wage bracket withholding table from Exhibit 11A.6), total deductions, and net pay. Round tax amounts to the nearest cent.arrow_forward
- Amy's regular hourly wage rate is $22, and she receives an hourly rate of $33 for work in excess of 40 hours. During a January pay period, Amy works 46 hours. Amy's federal income tax withholding is $94, and she has no voluntary deductions. Compute Amy's gross earnings and net pay for the pay period. Assume that the FICA tax rate is 7.65%. (Round the answers to 2 decimal places, e.g. 15.25.) Gross earnings $ Netpay $arrow_forwardMaile is a full-time exempt employee in Boca Raton, Florida, who earns $1,559.15 per biweekly payday. She is married with seven withholding allowances, so her federal income tax is $0. She contributes 4% of her gross pay to her 401(k) and has her health insurance premium of $64 deducted on a pre-tax basis. She has $22 deducted per pay period for a Salvation Army contribution and has union dues of $30 per pay period. What is her net pay? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)arrow_forwardManny's weekly wage as a welder are $520.75. He is single and claims 3 allowances. What amount is deducted for federal taxes?arrow_forward
- Lenny Florita, an unmarried employee, works 46 hours in the week ended January 12. His pay rate is $13 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims three withholding allowances. Compute his regular pay, overtime pay (Lenny earns $19.50 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion), income tax deduction (use the wage bracket withholding table from Exhibit 9A.6), total deductions, and net pay.arrow_forwardLenny Florita, an unmarried employee, works 46 hours in the week ended January 12. His pay rate is $13 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims four withholding allowances. Compute his regular pay, overtime pay (Lenny earns $19.50 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion), income tax deduction (use the wage bracket withholding table from Exhibit 9A.6), total deductions, and net pay. (Round your intermediate calculations and final answers to 2 decimal places.) Hours Hourly Rate Regular pay Overtime pay Gross pay 0.00 FICA-Social Security tax deduction FICA-Medicare tax deduction Income tax deduction Total deductions 0.00 Net payarrow_forwardIan McCarthy works for Willow Tree Homes. His rate of pay is $16.00 per hour and he is paid one and one-half times the regular rate for all hours worked in excess of 40 per week. During the last week of March of the current year he worked 45 hours. Ian is single and claims 2 withholding allowances on his W-4 form. His weekly wages are subject to the following deductions: a, Employee (Federal) income tax (use withholding table provided in text). b. Social Security tax at 6.2%. G. Medicare tax at 1.45%. roapg9 d. Health insurance premium, $60. Credit union deposit, $140. 1. United Way contribution, $15. Required: 1. Compute McCarthy's regular, overtime, gross, and net pay 2 Journalize the payment of his wages for the week ended March 26, crediting Cash for the net amount. For the toolbar, press ALT-F10 (PC) or ALT+FN+F10 (Mac). BIUS V Paragraph Arial XQ 11192 FE EBY D BB 3 10pt Y EM X² X₂ 38 AT 11. 安度因国民 AV (0) [+ LV T. Z 3v ✓ " *** Huunone Anwesen strearrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting (Book Only): A Career ApproachAccountingISBN:9781305084087Author:Cathy J. ScottPublisher:Cengage Learning
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub