Calculate Payroll Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Regular earnings rate Overtime earnings rate Number of withholding allowances Consultant $3,210 per week Not applicable Gross pay Net pay Computer Programmer $32 per hour 1.5 times hourly rate 2 $48 per hour 2 times hourly rate 3 1 For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $356.90 to 28% of the difference between the employee's amount subject to withholding and $1,796.00. Assume further that the social security tax rate was 6%, the Medicare tax rate was 1.5%, and one withholding allowance is $70. Consultant Administrator 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. Computer Programmer Administrator

Calculate Payroll Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Regular earnings rate Overtime earnings rate Number of withholding allowances Consultant $3,210 per week Not applicable Gross pay Net pay Computer Programmer $32 per hour 1.5 times hourly rate 2 $48 per hour 2 times hourly rate 3 1 For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $356.90 to 28% of the difference between the employee's amount subject to withholding and $1,796.00. Assume further that the social security tax rate was 6%, the Medicare tax rate was 1.5%, and one withholding allowance is $70. Consultant Administrator 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. Computer Programmer Administrator

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Calculate Payroll Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant $2,010 per week Not applicable Gross pay Net pay Computer Programmer $34 per hour 1.5 times hourly rate 2 Regular earnings rate $46 per hour Overtime earnings rate 2 times hourly rate 3 1 Number of withholding allowances For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $356.90 to 28% of the difference between the employee's amount subject to withholding and $1,796.00. Assume further that the social security tax rate was 6%, the Medicare tax rate was 1.5%, and one withholding allowance is $70. 2,010 ✔ 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…
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