Calculate payroll K. Mello Company has three employees—a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earnings rate $5,000 per week $50 per hour $60 per hour Overtime earnings rate Not applicable 2 times hourly rate 1.5 times hourly rate Federal income tax withheld $1,150 $428 $572 For the current pay period, the computer programmer worked 48 hours and the administrator worked 51 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. Determine the gross pay and the net pay for each of the three employees for the current pay period.

BuyFind

Corporate Financial Accounting

15th Edition
Carl Warren + 1 other
Publisher: Cengage Learning
ISBN: 9781337398169
BuyFind

Corporate Financial Accounting

15th Edition
Carl Warren + 1 other
Publisher: Cengage Learning
ISBN: 9781337398169
Chapter 10, Problem 10.9EX
Textbook Problem

Calculate payroll

K. Mello Company has three employees—a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee:

  Consultant Computer Programmer Administrator
Regular earnings rate $5,000 per week $50 per hour $60 per hour
Overtime earnings rate Not applicable 2 times hourly rate 1.5 times hourly rate
Federal income tax withheld $1,150 $428 $572

For the current pay period, the computer programmer worked 48 hours and the administrator worked 51 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%.

Determine the gross pay and the net pay for each of the three employees for the current pay period.

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Chapter 10 Solutions

Corporate Financial Accounting
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