Computing Net PayMary Sue Guild works for a company that pays its employees 1½ times the regular rate for all hours worked in excess of 40 per week. Guild's pay rate is $8.00 per hour. Her wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. She is married and claims four withholding allowances. Guild has a ½-hour lunch break during an 8½-hour day. Her time card is shown below.NameMary Sue Guild Week EndingMarch 30, 20-- Hours WorkedDayInOutInOutRegularOvertimeM7:5712:0512:354:338 T7:5212:0912:395:0581/2W7:5912:1512:455:3081T8:0012:0112:306:3182F7:5612:0512:344:308 S8:0010:31 2 1/2Complete the following for the week: If required, round your answers to two decimal places. If an amount is zero, enter "0".a. fill in the blank 1 regular hours X $8.00 per hour$fill in the blank 2b. fill in the blank 3 overtime hours X $12.00 per hour$fill in the blank 4c. Total gross wages$fill in the blank 5d. Federal income tax withholding(Tax Tables: Refer to Figure 8-4 in the text.)$fill in the blank 6e. Social Security withholding at 6.2%$fill in the blank 7f. Medicare withholding at 1.45%$fill in the blank 8g. Total withholding$fill in the blank 9h. Net pay$fill in the blank 10Check My Work

Date Particulars Amount a 40 regular Hours @ $10 Per hour 400.00 b 6 Overtime Hours @ $15 per…

Answered: its employees 1½ times the regular rate…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 2E

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Computing Net Pay

Mary Sue Guild works for a company that pays its employees 1½ times the regular rate for all hours worked in excess of 40 per week. Guild's pay rate is $8.00 per hour. Her wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. She is married and claims four withholding allowances. Guild has a ½-hour lunch break during an 8½-hour day. Her time card is shown below.

Name	Mary Sue Guild
Week Ending	March 30, 20--
				Hours Worked
Day	In	Out	In	Out	Regular	Overtime
M	7:57	12:05	12:35	4:33	8
T	7:52	12:09	12:39	5:05	8	1/2
W	7:59	12:15	12:45	5:30	8	1
T	8:00	12:01	12:30	6:31	8	2
F	7:56	12:05	12:34	4:30	8
S	8:00	10:31				2 1/2

Complete the following for the week: If required, round your answers to two decimal places. If an amount is zero, enter "0".

a.	fill in the blank 1 regular hours X $8.00 per hour	$fill in the blank 2
b.	fill in the blank 3 overtime hours X $12.00 per hour	$fill in the blank 4
c.	Total gross wages	$fill in the blank 5
d.	Federal income tax withholding (Tax Tables: Refer to Figure 8-4 in the text.)	$fill in the blank 6
e.	Social Security withholding at 6.2%	$fill in the blank 7
f.	Medicare withholding at 1.45%	$fill in the blank 8
g.	Total withholding	$fill in the blank 9
h.	Net pay	$fill in the blank 10

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