An employee receives an hourly wage rate of $18, 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, 42; federal income tax withheld, $147; cumulative earnings for the year prior to this week, $25,831; 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.
An employee receives an hourly wage rate of $18, 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, 42; federal income tax withheld, $147; cumulative earnings for the year prior to this week, $25,831; 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.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 7RE: Wallace Corporation summarizes the following information from its weekly payroll records during...
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An employee receives an hourly wage rate of $18, 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, 42; federal income tax withheld, $147; cumulative earnings for the year prior to this week, $25,831; social security tax rate, 6.0%; Medicare tax rate, 1.5%; state
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