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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

COMPUTING NET PAY Mary Sue Guild works for a company that pays its employees 1½ times the regular rate for all hours worked in excess of 40 per week. Guild’s pay rate is $14.50 per hour. Her wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. She is married and claims four withholding allowances. Guild has a ½-hour lunch break during an 8½-hour day. Her time card is shown below.

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Complete the following for the week:

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To determine

Complete and fill the banks with payroll calculations for the week.

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.

Complete and fill the banks with payroll calculations for the week.

(Figure 1)

Working Notes:

(1) Calculate the overtime hours:

Overtime hours for the week = (Overtime hours for  Monday+Tuesday + Wednesday+ Thursday+ Friday +Saturday)=0+12+1+2+0+212=6

 (2) Calculate the total gross wages:

Total gross wages = Regular pay+ Overtime pay=$580

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