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 $2,210 per week $28 per hour $40 per hour Overtime earnings rate Not applicable 2 times hourly rate 1.5 times hourly rate Federal income tax withheld $925 $246 $510 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 54 hours and the administrator worked 62 hours. Assume further that the social security tax rate was 6%, 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. Assume the normal working hours in a week are 40 hours. If required, round your answers to two decimal places. Consultant Computer Programmer Administrator Gross pay $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Net pay $fill in the blank 4 $fill in the blank 5 $fill in the blank 6
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 $2,210 per week $28 per hour $40 per hour Overtime earnings rate Not applicable 2 times hourly rate 1.5 times hourly rate Federal income tax withheld $925 $246 $510 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 54 hours and the administrator worked 62 hours. Assume further that the social security tax rate was 6%, 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. Assume the normal working hours in a week are 40 hours. If required, round your answers to two decimal places. Consultant Computer Programmer Administrator Gross pay $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Net pay $fill in the blank 4 $fill in the blank 5 $fill in the blank 6
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter3: Accounting For Labor
Section: Chapter Questions
Problem 12E: A weekly payroll summary made from labor time records shows the following data for Pima Company:...
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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 | $2,210 per week | $28 per hour | $40 per hour | |||
| Overtime earnings rate | Not applicable | 2 times hourly rate | 1.5 times hourly rate | |||
| Federal income tax withheld | $925 | $246 | $510 |
For hourly employees, overtime is paid for hours worked in excess of 40 hours per week.
For the current pay period, the computer programmer worked 54 hours and the administrator worked 62 hours. Assume further that the social security tax rate was 6%, 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. Assume the normal working hours in a week are 40 hours. If required, round your answers to two decimal places.
| Consultant | Computer Programmer | Administrator | |
| Gross pay | $fill in the blank 1 | $fill in the blank 2 | $fill in the blank 3 |
| Net pay | $fill in the blank 4 | $fill in the blank 5 | $fill in the blank 6 |
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