An employee earns $24 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 55 hours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee’s federal income tax withheld is $345. a.  Determine the gross pay for the week. $fill in the blank 1 If applicable, round your final answer to two decimal places. b.  Determine the net pay for the week. $fill in the blank 2

Q: Calculate Payroll An employee earns $20 per hour and 1.5 times that rate for all hours in excess of…

A: GIVEN DATA     An employee earns $20 per hour and 1.5 times that rate for a hours in excess of 40…

Q: Calculation and Journal Entry for Employer Payroll Taxes  1. Calculate the employer's payroll taxes…

A: Total current earnings = $720+$370+$1240+$850+$900 = $4080 Total of unemployment compensation =…

Q: Ramirez Company has the following data for the weekly payroll ending January 31. Hours Employee M.…

A: Payroll accounting is done to record salaries and wages paid to the employees and what other…

Q: An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of…

A: Gross earnings = Regular earnings + Overtime earnings = (40 hours x $15 per hour) + (6 hours x $15…

Q: The balance in the prepaid rent account before adjustment at the end of the year is $12,000, which…

A: Assets has debit balance and liabilities has credit balance. To increase Assets one should debit the…

Q: For all payroll calculations, use the following tax rates and round amounts to the nearest cent…

A: 1.Prepare journal entry to record the employee bonus expense.

Q: An employee earns $40 per hour and 1.75 times that rate for all hours in excess of 40 hours per…

A: a. Gross earnings = (40 hours x $40 per hour) + (Hours in excess of 40 hours x $40 per hour x 1.75…

Q: Compute payroll An employee earns $28 per hour and 1.5 times that rate for all hours in excess of…

A: Over time done is 6 hours  Wage rate will be  42$ in over time   (  28$× 1.5)

Q: Compute Payroll An employee earns $20 per hour and 1.75 times that rate for all hours in excess of…

A:

Q: Employee Net Pay Lindsey Vater’s weekly gross earnings for the week ended March 9 were $800, and…

A: Gross pay is the total wages or salary earned by an employee during an accounting period. Net pay is…

Q: Payroll Accounting and Discussion of Labor Costs Blitzen Marketing Research paid its weekly and…

A: Introduction: A journal entry is an act of recording or keeping track of any financial or…

Q: An employee receives an hourly rate of $14, with time and a half for all hours worked in excess of…

A: Salaries expense is the addition of regular and overtime earnings and then various deductions are…

Q: Calculate Payroll An employee earns $32 per hour and 1.75 times that rate for all hours in excess…

A: Introduction: Payroll accounts are maintained separately to record the salaries paid to everyone in…

Q: An employee earns $36 per hour and 1.75 times that rate for all hours in excess of 40 hours per…

A: Since the employee works for an overtime of additional 15 hours   55 - 40 15 hrs His wage rate for…

Q: Compute Payroll An employee earns $22 per hour and 2 times that rate for all hours in excess of 40…

A: The gross pay of an employee indicates the total earnings to an employee for the services provided.…

Q: Calculate Payroll An employee earns $24 per hour and 1.75 times that rate for all hours in excess…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: 6. Sadie White receives an hourly rate of $30, with time and a half for all hours worked in excess…

A: Formula: Excess hours = Total hours - Normal hours

Q: Payroll registerThe following data for Throwback Industries Inc. relate to the payroll for the…

A: A payroll register is a register in which all the data related to the individual working in the…

Q: An employee earns $22 per hour and 2 times that rate for all hours in excess of 40 hours per week.…

A:

Q: Payroll Accounting and Discussion of Labor Costs Blitzen Marketing Research paid its weekly and…

A: Note: As per our guidelines, we will solve the first three sub-parts for you.   1. Date Account…

Q: An employee receives an hourly rate of $23.00, with time and a half for all hours worked in excess…

A: After withholdings have also been deducted from an employee's gross wage, net compensation is the…

Q: For all payroll calculations, use the following tax rates and round amounts to the nearest cent…

A:

Q: An employee receives an hourly wage rate of $23, with time-and-a-half for all hours worked in excess…

A: Definition: The net amount payable to the employee is the amount paid net of taxes. It is calculated…

Q: An employee is paidba salary of $11,050 per month. If the current FICA rate is 6.2% on the first…

A: Medicare tax: Medicare tax can be defined as the amount of tax that is withheld by the employer form…

Q: An employee receives an hourly wage rate of $18, with time and a half for all hours worked in excess…

A: The net amount payable to the employee is the amount paid net of taxes. It is calculated as follows:…

Q: Calculate payroll An employee earns $30 per hour and 1.5 times that rate for all hours in excess of…

A: The calculation of gross pay has been made as follows: Gross pay =Regular pay + Overtime pay…

Q: An employee receives an hourly wage rate of $25, with time and a half for all hours worked in excess…

A: Given that , Hourly wage rate = 25 per hr  hours to be worked = 40 hrs Actual hours worked = 42 hrs…

Q: An employee earns $40 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: Gross pay is the payment made to the employees without any tax and net pay is the payment made to…

Q: Thomas Martin receives an hourly wage rate of $15, with time-and-a-half pay for all hours worked in…

A: Gross pay: Gross pay means the salary before the deduction of any taxes, benefits, and other payroll…

Q: An employee receives an hourly wage rate of $18, with time and a half for all hours worked in excess…

A: An employee who works on an hourly basis is paid the wages at the hourly rate determined by the…

Q: Payroll summary The following data for Throwback Industries Inc. relate to the payroll for the week…

A: A payroll register is a register in which all the data related to the individual working in the…

Q: omplete the FWT column (wage-bracket method) and SWT column of the payroll register using the…

A: Federal withholding tax is the amount of tax that is withheld by the employer from the pay of the…

Q: Employee net pay Lindsey Vater's weekly gross earnings for the week ended March 9 were $1,200, and…

A: Net pay refers to an employee's wages after all withholdings have been made. Mandatory deductions…

Q: Additional Information: 1. Income tax at the rate of 20% is applicable to those employees whose…

A: Payroll Expenses It is important for the business entity to prepare the payroll expenses which are…

Q: ) Journalize the payroll entry for the week. DATE   Debit Credit X/X…

A:

Q: Jason's gross pay for the week is $1,900. His yearly pay is under the limit for OASDI. Assume that…

A: When a company records the compensation of its employees, such type of accounting is known as…

Q: An employee receives an hourly rate of $25, with time and a half for all hours worked in excess of…

A: Gross earnings = (40 hours x $25 per hour) + (Hours in excess of 40 hours x $25 per hour x 1.5) =(40…

Q: Calculate gross pay, deductions, and net pay. Prepare the journal entry to record wages expense and…

A: Step 1 Payroll is the total of all compensation or remuneration given by a business entity to its…

Q: Empty Fields Company pays its salaried employees monthly on the last day of each month. The annual…

A: The maximum amount of income subject to the Social Security tax is $142,800.

Q: Compute Payroll An employee earns $24 per hour and 1.75 times that rate for all hours in excess of…

A: Solution:- a)Calculation of the gross pay for the week as follows:- =Normal wages + Overtime wages

Q: Compute Payroll An employee earns $22 per hour and 2 times that rate for all hours in excess of 40…

A: a. Regular Earning = 40 * 22 = $880     Overtime Earning = (50 -40) * 22 * 2   Overtime Earning =…

Q: Wage and tax statement data on employer FICA tax Ehrlich Co. began business on January 2, 20Y8.…

A: W-2 is the form that is filled by the employer stating the annual wage payments to the employees and…

Q: Calculate Payroll An employee earns $44 per hour and 1.75 times that rate for all hours in excess of…

A: Solution:- a)Calculation of  gross pay for the week as follows:- Gross earnings = (40 hours x $44…

Q: The following data for Throwback Industries Inc. relate to the payroll for the week ended December…

A: Given information relating to Throwback Industries, From this we have calculated the Overtime Rate…

Q: An employee earns $32 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: Regular earnings = (40 hours x $32 per hour) = $1,280 Overtime earnings = (60 hours - 40 hours) x…

Q: Martin Jackson receives an hourly wage rate of $15, with time and a half for all hours worked in…

A: Lets understand the basics. Net amount paid is a gross pay less taxes paid. Gross pay = (Norma hour…

Q: Compute Payroll An employee earns $22 per hour and 2 times that rate for all hours in excess of 40…

A: Gross pay is an individual's total earnings for a certain time period first before reductions are…

Q: An employee receives an hourly wage rate of $21, with time and a half for all hours worked in excess…

A: Hours worked =45 HOURLY rate=21 For 40 hours  HOURLY rate=10.5 for overtime  social security tax =6%…

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.