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Calculate payroll An employee earns $25 per hour and 2 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 48 hours during the week. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $239.15. a. Determine the gross pay for the week. b. Determine the net pay for the week.

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Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124

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BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124
Chapter 11, Problem 9E
Textbook Problem
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Calculate payroll

An employee earns $25 per hour and 2 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 48 hours during the week. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $239.15.

  1. a. Determine the gross pay for the week.
  2. b. Determine the net pay for the week.

a.

To determine

Compute gross pay for the week.

Explanation of Solution

Gross pay: The total amount such as salary, wages, commissions, overtime, and bonus paid by the employer to an employee in each pay period is called as gross pay.

Calculate Employee’s gross pay as below:

ParticularsAmounts
Regular pay (1)$1,000
Overtime pay (2)$400
Gross pay$1,400

Table (1)

Working note (1):

Calculate regular pay.

  Regular pay = 40 hours ×$25 per hour

b.

To determine

Compute net pay for the week.

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Chapter 11 Solutions

Financial Accounting
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