Answered: Lisa Meilo works for Pacific Company,…

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 2E

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Question

Lisa Meilo works for Pacific Company, which pays its employees time-and-a-half for all hours worked in excess of 40 per week. Meilo's pay rate is $37 per hour. Her wages are subject to federal income tax, a Social Security tax deduction at the rate of 6.2 percent, and a Medicare tax deduction at the rate of 1.45 percent. She is married and claims three allowances. Meilo has an unpaid half-hour lunch break during an 8½-hour day. In the most recent pay period, she worked 50 hours. Meilo's beginning cumulative earnings are $73,654.

Complete the following. If required, round all intermediate calculations and answers to the nearest cent, use rounded answers in subsequent computations

a. fill in the blank 1 hours at straight time × $ fill in the blank 2 per hour		$fill in the blank 3
b. fill in the blank 4 hours overtime × $fill in the blank 5 per hour		fill in the blank 6
c. Total gross pay		$fill in the blank 7
d. Federal income tax withholding	$247.30
e. Social Security tax withholding at 6.2 percent	fill in the blank 8
f. Medicare tax withholding at 1.45 percent	fill in the blank 9
g. Total withholding		fill in the blank 10
h. Net pay		$fill in the blank 11

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