Because an employee works 46 hours in a regular week of 40, with an hourly salary of $10 and receives double pay for hours worked in excess of 40, it determines: Gross Income? 7% contribution on income 6.20%Social Security Contribution 1.45% of health care contributions Net income For this same situation, it determines the employer's payroll contribution 6.20% Social Security contribution 1.45% health care contribution 4.40% state unemployment 0.60% federal unemployment 0.60% Temporary disability insurance Total employer's contribution
Because an employee works 46 hours in a regular week of 40, with an hourly salary of $10 and receives double pay for hours worked in excess of 40, it determines: Gross Income? 7% contribution on income 6.20%Social Security Contribution 1.45% of health care contributions Net income For this same situation, it determines the employer's payroll contribution 6.20% Social Security contribution 1.45% health care contribution 4.40% state unemployment 0.60% federal unemployment 0.60% Temporary disability insurance Total employer's contribution
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter8: Payroll Accounting: Employee Earnings And Deductions
Section: Chapter Questions
Problem 2MC
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Because an employee works 46 hours in a regular week of 40, with an hourly salary of $10 and receives double pay for hours worked in excess of 40, it determines:
Gross Income?
7% contribution on income
6.20%Social Security Contribution
1.45% of health care contributions
Net income
For this same situation, it determines the employer's payroll contribution
6.20% Social Security contribution
1.45% health care contribution
4.40% state
0.60% federal unemployment
0.60% Temporary disability insurance
Total employer's contribution
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