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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 Tom Hallinan works for a company that pays its employees 1½ times the regular rate for all hours worked in excess of 40 per week. Hallinan’s pay rate is $15 per hour. His wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. He is married and claims five withholding allowances. Hallinan has a ½-hour lunch break during an 8½-hour day. His time card is on next page.

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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)=1+112+0+12+1+112=512

 (2) Calculate the total gross wages:

Total gross wages = Regular pay+ Overtime pay=$600

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