An employee earns $30 per hour and 1.5 times that rate for all hours in excess of
Question:
An employee earns $30 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 54 hours during the week, determine the employee’s (a) gross pay and (b) net pay for the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee’s federal income tax withheld is $295.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 56% (16 reviews)
a Regular pay 40 hrs x 30 120000 Overtime pay 14 hr...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Forensic And Investigative Accounting
ISBN: 9780808056300
10th Edition
Authors: G. Stevenson Smith D. Larry Crumbley, Edmund D. Fenton
Question Posted:
Students also viewed these Business questions
-
An employee earns $32 per hour and 1 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 50 hours during the week. Assume further that the FICA tax rate was...
-
An employee earns $35 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 52 hours during the week, and that the gross pay prior to the...
-
An employee earns $35 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 52 hours during the week, and that the gross pay prior to the...
-
Mexico discovers huge reserves of oil and starts exporting oil to the United States. Describe how this would affect the following. a. The nominal pesoU.S. dollar exchange rate. b. Mexican exports to...
-
(a) Replace the so-called two-term Taylor estimate (equation (8) in Problem 23) by the three-term result: Compute the second derivative y" in terms of f, and fy (partial derivatives of f, with...
-
Prove that Then show that the regions under the hyperbola over the intervals [1, 2], [2, 4], [4, 8], . . . all have the same area (Figure 3). bla 1 1 L = = dx = fi = = dx te - Ja x X dx for a, b 0.
-
An experiment utilizing a randomized block design was conducted to compare the mean responses for four treatments, A, B, C, and D. The treatments were randomly assigned to the four experimental units...
-
The City of Rochester signed a 30-year agreement with East Coast Real Estate, Inc. to lease a newly constructed building for city services. The city agrees to make an initial payment of $1,000,000...
-
El saldo de efectivo final en el estado de flujos de efectivo debe ser igual al saldo de la cuenta de efectivo que figura en el __________. una hoja de balance b.) estado de cambios en el patrimonio...
-
There is a lottery with n coupons and n people take part in it. Each person picks exactly one coupon. Coupons are numbered consecutively from 1 to n, n being the maximum ticket number. The winner of...
-
In teams, select a public company that interests you. Obtain the companys most recent annual report on Form 10-K. The Form 10-K is a companys annually required filing with the Securities and Exchange...
-
Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 20Y5, were as follows: Jan. 3. Issued a check to establish a petty cash fund of $4,500. Feb. 26....
-
An example of a thermal-neutron fission reaction isn th + 235 U 139 Ba + 94 Kr + 3n. Perform the analysis of Example 18.1 for this case.
-
int rFibNum(int a, int b, int n) { if(n == 1) return a; else if( n == 2) return b; else return rFibNum(a,b, n-1) + rFibNum(a, b, n-2); } In the code above; a) how many base cases are there? b) what...
-
Watch the Super Nanny (i.e., Jo Frost) episode "The Orm Family" (Season 1, Episode 3) and answer the following questions. Unless otherwise specified, your answers should focus on Declan (the 3 year...
-
2. Suppose Ford officials were asked to justify their decision. What moral principles do you think they would invoke? Assess Ford's handling of the Pinto from the perspective of each of the moral...
-
2. You have been asked to design the proto-type of an Automatic Grocery Vending Machine 10 (AGVM) for the super store. Automatic Grocery Vending Machine (AGVM) is a machine where different types of...
-
1. What does Porter's 5 Forces analysis strategy do? 2. Do most people agree Why? or disagree with this aspect Why? Here is the reference video, https://www.youtube.com/watch?v=Dfp23xSqpdk 3. What...
-
Cheng Co. reports the following information. Determine its (a) Time charge per hour of direct labor and (b) Materials markup percentage. Direct labor rate.. $50 per DLH Non-materials-related overhead...
-
What are the 5 Cs of marketing channel structure?
-
In its 2009 annual report, Nike, Inc., the athletic sportswear company, provided the following data about its current and deferred income tax provisions (in millions): 2009 Current income taxes...
-
Kolmeyer Steel Corporation (KSC) is a small specialty steel manufacturer located in northern Alabama. The Kolmeyer family has owned the company for several generations. Robert Kolmeyer is a major...
-
For 20 years, Armand Service Corporation, a public corporation that has promoted itself to investors as a stable, reliable company, has paid a cash dividend every quarter. Recent competition from...
-
Questien It Calraluta bae neark yoe cen atforal to berren
-
In calculating the net present value of a proposed project, the cash flows of the project should include a.) amortization of goodwill b.) interest expenses paid to bondholders c.) extra working...
-
If Yolanda's insurance company cancels her fire insurance policy after 204 days, how much of the $682.00 annual premium will she receive as a refund (in $)? (Round you answer to the nearest cent.) $
Study smarter with the SolutionInn App