PSc 2-9 Calculate Gross Pay Based on an Incentive PlanCalculate gross pay for each of the following employees of Replay Co. The company offers a regular wage rate of $7.90/hour to all employees. Under an incentive plan in place forall employees, this rate increases for any employee who can meet weekly production goals. The increased rates and corresponding thresholds that must be met are as follows:$8.40/hour for producing at least 2,200 units$11.75/hour for producing at least 2,600 units• $12.25/hour for producing at least 3,100 units• $15/hour for producing at least 3,500 unitsAll employees are paid an overtime wage rate that is 1.5 times their respective regular wage rates.NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.1: Juliette Franks worked 47 hours and produced 3,664 units.Gross Pay = $2: Tracey Wilkins worked 43 hours and produced 2,518 units.Gross Pay = $3: Candace Baldwin worked 51 hours and produced 3,304 units.Gross Pay = $4: Henry Walker worked 44 hours and produced 2,097 units.Gross Pay = $

SOLUTION- GROSS PAY IS THE INDIVIDUAL'S TOTAL PAY FROM THEIR EMPLOYER BEFORE TAXES OR OTHER…

Answered: PSc 2-9 Calculate Gross Pay Based on an…

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 1E

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Payroll computation with incentive bonus Fifteen workers are assigned to a group project. The production standard calls for 500 units to be completed each hour to meet a customers set deadline for the products. If the required units can be delivered before the target date on the order, the customer will pay a substantial premium for early delivery. The company, wishing to encourage the workers to produce beyond the established standard, has offered an excess-production bonus that will be added to each project employees pay. The bonus is to be computed as follows: a. Groupsexcessproductionoverstandard50%Standardunitsforweek=bonuspercentage b. Individuals hourly wage rate bonus percentage = hourly bonus rate c. Hourly wage rate + hourly bonus rate = new hourly rate for week d. Total hours worked new hourly rate = earnings for week The production record for the week shows the following: Required: 1. Determine the hourly bonus rate. (Round the bonus percentage to four decimal places and the bonus rate to the nearest whole cent.) 2. What are the total wages of L. Weitmarschen, who worked 40 hours at a base rate of 15 per hour? 3. What are the total wages of R. Emerson, who worked 35 hours at a base rate of 20 per hour?
COMPUTING OVERTI ME RATE OF PAY AND GROSS WEEKLY PAY Rebecca Huang receives a regular salary of 2,600 a month and is paid 1 times the regular hourly rate for hours worked in excess of 40 per week. (a) Calculate Huangs overtime rate of pay. (b) Calculate Huangs total gross weekly pay if she works 45 hours during the week.
PSb 2-9 Calculate Gross Pay Based on an Incentive Plan Calculate gross pay for each of the following four employees of Person Mover Corp. The company offers a regular wage rate of $9.90/hour to all employees. Under an incentive plan in place for all employees, this rate increases for any employee who can meet weekly production goals. The increased rates and corresponding thresholds that must be met are as follows: $7.30/hour for producing at least 550 units $9.70/hour for producing at least 720 units $5.20/hour for producing at least 1,000 units $7.70/hour for producing at least 1,310 units All employees are paid an overtime wage rate that is 1.5 times their respective regular wage rates. 1:wiel jon worked 42 hours and produced 882 units. Gross pay= Gross Pay = $
PROBLEM: The Norman Company recently adopted an incentive plan. Factory workers are paid P7.50 per unit with a guaranteed minimum wage of P2,000 per week. Following is a report on employee’s productivity for the week ending May 19, 2019. All employees worked the full 40-hour week. WEEKLY SUMMARY Employee's Name Units ProducedCruz R. Cruz 240 J. Briones 286 C. David 275 A. Mendoze 240 F. Rivera 225 R. Tolentino 285 Required: 1.Compute each employee’s gross pay Work in Process Factory Overhead Control Employee’s Name Units Produced Piece Rate Total Pay Guaranteed Wage Difference (FOC) Total Gross Pay R. Cruz…
E3-3 Modified wage plan. Randy Wetzel earns $30 per hour for up to 500 units of production per day. If he produces more than 400 units per day, he will receive an additional piece rate of $0.55per unit. Assume that his hours worked, and pieces finished for the week just ended were as follows: Day Hours Worked Pieces Finished Monday 8 415 Tuesday 8 400 Wednesday 8 525 Thursday 8 300 Friday 8 440 a.Determine Wetzel’s earnings for each day and for the week. b.Prepare the journal entry to distribute the payroll, assuming that any make-up guarantees are charged to Factory Overhead. E3-6 Journal entries for payroll A partial summary of the payroll data for Long Inds. for each week of Juneis as follows: 7-Jun 14-Jun 21-Jun 28-Jun Gross earnings $35,550…
8. Victory Manufacturing Company produces a variety of products. The firm operates 24 hours per day with three (3) daily work shifts. The first shift workers receive regular pay. The second shift workers receive 10% pay premium and the third shift workers receive 20% pay premium. In addition, the firm pays an overtime (OT) premium of 30% based on the regular rate. Actual payroll for the month of August 2022 follows:Total wages 16,000 hours P?Wage rate per hours First shift P80Total regular hours worked (spread equally) 15,000 hoursHow much is the total amount of payroll for the period?
To improve productivity, ST. MICHAEL Corp. instituted a bonus plan where employees are paid 75% of the time saved when production performance exceeds the standard level of production. The company computes the bonus on the basis of four-week periods. The standard production is set at 3 units per hour. Each employee works 37 hours per week, and the wage rate is P24 per hour. Below are data for one 4-week period: Weekly Production (Units) Employee 1st 2nd 3rd 4th Total ALAN 107 100 110 108 425 JOEL 104 110 115 115 444 ROMY 108 112 112 133 465 TONY 123 120 119 124 486 The employee who had the inconsistent performance (sometimes performing below standard) but got a bonus is A. Joel= 54 bonus B. Alan= 36 bonus C. Romy= 126 bonus D. Tony= 252 bonus The following production and average cost data per unit for two levels of monthly production volume have been supplied by a company that produces a single product: Production volume 2,000 units 4,000 units Direct materials P88.40 P88.40 Direct…
A workers wages for a guaranteed 44 hours per week is 0.75 per hour the estimated time to produce 1 article is 30 minutes and under incentive scheme the time allowed is increased by 20% During a week a worker produced 100 article calculate wages under hasley and Rowan plans
Calculate the earnings of G. Henry using the straight piecework incentive scheme from theinformation provided below.INFORMATIONG. Henry is employed by Royal Manufacturers and is paid R250 per hour. His normal working day is 9 hours. Thestandard time to produce a product is 5 minutes. If G. Henry produces more than his quota, he receives 1½ timesthe hourly rate on the additional output. G. Henry produced 132 units for the day.
The piecework rate in a factory is GH¢2 per unit and the minimum pay is GH¢42/day. A bonus of GH¢5 is paid in addition to the piecework rate if more than 30 units are made in a day. On Monday, Harry makes 20 units. On Tuesday to Friday he makes 21, 24, 32 and 27 respectively. The gross amount earned by Harry isA. GH¢210B. GH¢248C. GH¢253D. GH¢255
18. An employee working under a bonus scheme saved 4 hours in a job for which the standard time is 32 hours. Calculate the rate per hour worked and wages payable for the time taken under the following aternative schemes. (Award rate $. 2 per hour). (i) Employee receives an increase in the hourly rate based on the percentage that the time saved bears to the time set. (ii) A bonus of 10 per cent on award rate is payable when standard time (namely. 100 per cent efficiency) is achieved plus a further bonus of 1 per cent on award rate for each 1 per cent in excess of that 100 per cent efficiency.
Requirements of the Offer. Technical ConsumerProducts, Inc. (TCP), makes and distributes energy-ecientlighting products. Emily Bahr was TCP’s district sales manager in Minnesota, North Dakota, and South Dakota whenthe company announced the details of a bonus plan. A districtsales manager who achieved 100 percent year-over-year salesgrowth and a 42 percent gross margin would earn 200 percentof his or her base salary as a bonus. TCP retained absolutediscretion to modify the plan. Bahr’s base salary was $42,500.Her final sales results for the year showed 113 percent yearover-year sales growth and a 42 percent gross margin. Sheanticipated a bonus of $85,945, but TCP could not aord topay the bonuses as planned, and Bahr received only $34,229.In response to Bahr’s claim for breach of contract, TCP arguedthat the bonus plan was too indefinite to be an oer. Is TCPcorrect? Explain. [Bahr v. Technical Consumer Products, Inc.,601 Fed.Appx. 359 (6th Cir. 2015)] (See Agreement.)

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