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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Jennifer Ross, an employee of Hampton Company, worked 44 hours during the week of February 9 through 15. Her rate of pay is $30 per hour, and she receives time-and-a-half for work in excess of 40 hours per week. She is married and claims two allowances on her W-4 form. Her wages are subject to the following deductions:

  1. a. Federal income tax (use the table in Figure 3, pages 293–294).
  2. b. Social Security tax at 6.2 percent.
  3. c. Medicare tax at 1.45 percent.
  4. d. Union dues, $30.

Required

Compute Ross’s regular pay, overtime pay, gross pay, and net pay.

To determine

Calculate the regular pay, overtime pay, gross pay and net pay of Person R.

Explanation

Payroll:

Payroll refers to the total amount that is required to be paid by the company to its employees during a week, month or other period. It is the financial record of the wages and bonus, net pay, salary and deductions of a company’s employees.

Calculate the regular pay, overtime pay, gross pay and net pay of Person R.

ParticularsHours×RateAmount in $
Regular pay40×$30.00 $1200.00
Overtime pay4×(1) $45.00 $180.00
Gross pay   $1,380.00

(Table 1)

Particulars Amount in $
Gross pay $1,380.00
Less: Federal income tax$142.00 
           Social Security tax  ($1,380.00×6.2%)$85.56 
           Medicare tax ($1,380

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