Gross and net pay computation Lucinda Florita, an unmarried employee, works 48 hours in the week ended

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Gross and net pay computation

Lucinda Florita, an unmarried employee, works 48 hours in the week ended January 12. Her pay rate is \($14\) per hour, and her wages are subject to no deductions other than FICA—Social Security, FICA—Medicare, and federal income taxes. She claims two withholding allowances. Compute her regular pay, overtime pay (overtime premium is 50% of the regular rate for hours in excess of 40 per week), and gross pay. Then compute her FICA tax deduction (use 6.2% for the Social Security portion and 1.45% for the Medicare portion), income tax deduction (use the wage bracket withholding table in Exhibit 9.4), total deductions, and net pay.

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College Accounting Ch 1-14

ISBN: 9781260904314

1st Edition

Authors: John Wild, Vernon Richardson, Ken Shaw

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