Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can you help me with the following exercises? Please see both images related to Payroll (Accounting). This is the exercise and there is no time

Can you help me with the following exercises? Please see both images related to Payroll (Accounting).

This is the exercise and there is no time provided.

image text in transcribed

image text in transcribed

1. An employee works 43 hours in a week for an exempt salary of $ 1,827 per week. How much is this employee's gross weekly salary? 2. An employee earns $ 18 per hour. Determine the gross income if you work 46 hours (receive double time for overtime over 40 hours) 3. An employee checks boxes in a cardboard factory. Receive 5 0.15 for each checked box. If you check 1,400 boxes on an average day, determine the gross weekly income (considering a five-day week) 4. A restaurant supply seller works for a 6% commission. If the total sales for the week were S 18,200, determine the gross income for this seller. 5. Determine the Social Security contribution (6.2%) and the medical care contribution (1.45%) for an employee with a gross income of $ 515. Round to the nearest penny. 6. An employee has a net income of $ 880 and total deductions of $ 262, determines the gross income. 7. Since an employee works 43 hours in a regular week of 40, with an hourly wage of $ 10 and receives double pay for hours worked in excess of 40, determines: 7.1 Gross income 7% income tax 6.20% contribution to Social Security 1.45% contribution to health care 7.5 Net income For this same situation, determine the employer's payroll contribution 7.6 6.20% contribution to Social Security 7.7 1.45% contribution to health care 7.8 4.40% state unemployment 7.9 0.60% federal unemployment 7.10 0.60% Temporary disability insurance 7.11 Total employer contribution Part II: Complete the following table with the information provided Income Tax Net income Employee with deductions allowed Gross income Social Security Contribution (6.20%) Medical care contribution (1.45%) Other deductions 8 Arroyo (0) $735 (12%) $25 9 Bravo (1) $675 $12 Coln (2) $895 11 Diaz (3) $580 12 Figueroa (4) $610 Determine: Social Security Contribution (FICA) Medical care contribution (Medicare - FICA) Income Tax Net income

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_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

Financial Accounting Theory And Analysis Text Reading And Cases

Authors: Richard G. Schroeder, Jack M. Cathey, Myrtle W. Clark

7th Edition

0471379549, 9780471379546

More Books

Students also viewed these Accounting questions

Question

What is the competition?

Answered: 1 week ago

Question

What is the relative priority among the viable goals?

Answered: 1 week ago