College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 8, Problem 2MC
To determine

Calculate the net pay of Person N.

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An employee earns $40 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 60 hours during the week and that earnings to date have not reached the maximum subject to FICA taxes. Assume further that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the federal income tax to be withheld is $614. Required: a.  Determine the gross pay for the week.$fill in the blank 1 b.  Determine the net pay for the week.$fill in the blank 2
6-13A.LO2 In oregon, employers who are covered by the state workers' compensation law withhold employee contributions from the wages of covered employees for the worker's benefit fund at the rate of 1.4cents for each hour or part of an hour that the worker is employed.Evry covered employee is also assessed 1.4 cents per hour for each worker employed for each hour or part of an hour. The employer-employee contribution for workers' conpensation are collected monthly,quarterly,annually by the employer's insurance carrier,according to a schedule agreed upon by the employer and the carrier. The insurance carrier remits the contribution to the state's worker's compensation department. Cortez Company,a covered employer in Oregon, turns over the employer -employee workers' compensation contributions to its insurance carrier by the 15th of each month for the preceding month.During the month of July,the number of full-time employee-hours worked by the company's employees was 8,270;the number of…
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