Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Calculate Payroll Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Administrator

Calculate Payroll Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Administrator $50 per hour Regular earnings rate Overtime earnings rate 2 times hourly rate 1 Number of withholding allowances For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $356.90 to 28% of the difference between the employee's amount subject to withholding and $1,796.00. Assume further that the social security tax rate was 6%, the Medicare tax rate was 1.5%, and one withholding allowance is $70. Gross pay Net pay Feedback Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. If required, round your answers to two decimal places. Consultant Consultant 2,510 2,321 X $2,510 per week Not applicable 3 Computer Programmer $36 per hour 1.5 times hourly rate 2 Computer Programmer 2,520 2,471 X Administrator 3,000 2,845 X Check My Work Gross pay represents the total earnings of an employee for a specific pay period, prior to taxes and deductions. Net pay is also known as take-home pay. Locate the proper withholding wage bracket in the withholding table. Pay attention to the number of exemptions each employee is claiming.
image text in transcribed
Areakin Away Company has three cmpioyees-a consultant, a somputer programmer, and an administratoc. The following payroll information is avallable for each employee: For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employe who are single, can be determined by adding $356.90 to 28% of the difference between the employee's amount subject to withholding and 51,796.00. Assume furthe that the social security tax rate was 6%, the Medicare tax rate was 1.5%, and one withholding allowance is 570. Determine the gross pay and the nat pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. If required, round your answers to two decimal places F Eryect 95 yur Gross pay represents the total eamings of an employee for a specfic pay penod, prior to taxer and deductions. Net pay is alse known as take-home pay? Locate the proper withholding wage bracket in the withhalding table. Pey attention to the number of exemptiens each emplovee is claiming

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions