Accounting Practice Problem 14

Lenny Florita, an unmarried employee, works 45 hours in the week ended January 12. His pay rate is $14 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims three withholding allowances. Compute his regular pay, overtime pay (Lenny earns $21.00 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion), income tax deduction (use the wage bracket withholding table from Exhibit 11A6), total deductions, and net pay. (Round your Intermediate calculations and final answers to 2 decimal places.) Hourly Rate Hours Regular pay Overtime pay Gross pay FICA-Social Security tax deduction FICA-Medicare tax deduction Income tax deduction Total deductions Net pay SINGLE Persons-WEEKLY Payroll Period And the number of withholding allowances claimed is If the wages are- But less At least than The amount of income tax to be withheld is- $600 5 3610 530 78% 95&M 55 NB5 78%A8% 789%bh 01234 56789p=2 go00oooira 2 5678