Chapter 8, Problem 5SEA

### College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

Chapter
Section

### 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.Complete the following for the week: 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 companyâ€™s employees. Complete and fill the banks with payroll calculations for the week. (Figure 1) Working Notes: (1) Calculate the overtime hours: OvertimeÂ hoursÂ forÂ theÂ weekÂ =Â (OvertimeÂ hoursÂ forÂ Â Monday+TuesdayÂ +Â Wednesday+Â Thursday+Â FridayÂ +Saturday)=0+12+1+2+0+212=6 Â (2) Calculate the total gross wages: TotalÂ grossÂ wagesÂ =Â RegularÂ pay+Â OvertimeÂ pay=$580

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