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EX 11-10 Compute payroll Floatin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Computer Programmer $80 per hour 1.5 times hourly rate Consultant Administrator Regular earnings rate Overtime earnings rate* Number of withholding allowances $5,000 per week Not applicable $50 per hour 2 times hourly rate 1 2 *For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 46 hours and the ad- ministrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined from the wage bracket withholding table in Exhibit 2 in the chapter. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $81. Determine the gross pay and the net pay for each of the three employees for the current pay period.

EX 11-10 Compute payroll Floatin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Computer Programmer $80 per hour 1.5 times hourly rate Consultant Administrator Regular earnings rate Overtime earnings rate* Number of withholding allowances $5,000 per week Not applicable $50 per hour 2 times hourly rate 1 2 *For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 46 hours and the ad- ministrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined from the wage bracket withholding table in Exhibit 2 in the chapter. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $81. Determine the gross pay and the net pay for each of the three employees for the current pay period.

Accounting (Text Only)
Accounting (Text Only)
26th Edition
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter11: Current Liabilities And Payroll
Section: Chapter Questions
Problem 11.9EX: Calculate payroll Diego Company has three employeesa consultant, a computer programmer, and an...
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EX 11-10 Compute payroll Floatin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Computer Programmer $80 per hour 1.5 times hourly rate Consultant Administrator Regular earnings rate Overtime earnings rate* Number of withholding allowances $5,000 per week Not applicable $50 per hour 2 times hourly rate 1 2 *For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 46 hours and the ad- ministrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined from the wage bracket withholding table in Exhibit 2 in the chapter. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $81. Determine the gross pay and the net pay for each of the three employees for the current pay period.
Transcribed Image Text:EX 11-10 Compute payroll Floatin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Computer Programmer $80 per hour 1.5 times hourly rate Consultant Administrator Regular earnings rate Overtime earnings rate* Number of withholding allowances $5,000 per week Not applicable $50 per hour 2 times hourly rate 1 2 *For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 46 hours and the ad- ministrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined from the wage bracket withholding table in Exhibit 2 in the chapter. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $81. Determine the gross pay and the net pay for each of the three employees for the current pay period.
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