pay at one and one-half times their regular hourly rate. E TITTY Marital Withholding Allowances Cumulative Regular Worked Hourly Rate $16.70 26.90 Hours Employee Grace Dodger Ron Dollar Alex Garcia Earnings $32,860 53,972 Status 47 M. 49 M 3 43 28.50 1 57,300 26,620 Red Russell 40 13.70 Required: 2. Compute the regular, overtime, and gross earnings for each employee. Enter the figures in the payroll register. 3. Compute the amount of social security tax to be withheld from each employee's gross earnings. Assume a 6.2 percent social security rate on the first $132,900 earned by the employee during the year. Enter the figures in the payroll register. 4. Compute the amount of Medicare tax to be withheld from each employee's gross earnings. Assume a 1.45 percent Medicare tax rate on all salaries and wages earned by the employee during the year. Enter the figures in the payroll register.

pay at one and one-half times their regular hourly rate. E TITTY Marital Withholding Allowances Cumulative Regular Worked Hourly Rate $16.70 26.90 Hours Employee Grace Dodger Ron Dollar Alex Garcia Earnings $32,860 53,972 Status 47 M. 49 M 3 43 28.50 1 57,300 26,620 Red Russell 40 13.70 Required: 2. Compute the regular, overtime, and gross earnings for each employee. Enter the figures in the payroll register. 3. Compute the amount of social security tax to be withheld from each employee's gross earnings. Assume a 6.2 percent social security rate on the first $132,900 earned by the employee during the year. Enter the figures in the payroll register. 4. Compute the amount of Medicare tax to be withheld from each employee's gross earnings. Assume a 1.45 percent Medicare tax rate on all salaries and wages earned by the employee during the year. Enter the figures in the payroll register.

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter9: Payroll Accounting: Employer Taxes And Reports

Section: Chapter Questions

Problem 6SEA

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