Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Charlie Delta, an employee of the Bravo Zulu Company is paid bychequeon each payday and earns $15 per hour. Charlie worked 50 hours the week

Charlie Delta, an employee of the Bravo Zulu Company is paid bychequeon each payday and earns $15 per hour. Charlie worked 50 hours the week ending February 26, 2016.Overtime in excess of 40 hours must be paid at 150% of the normal hourly rate. Payroll liabilities are paid at the end of each quarter. The following apples to all of Charlie's wages for this period:

Item

Rate/Amount

Social Security taxes

6.0%

Medicare/Medicaid taxes

1.5%

Federal Income Taxes withheld

$210

State Income Taxes withheld

$50

All this week's wages were subject to:

Item

Rate/Amount

Federal Unemployment Tax

0.5%

State Unemployment Tax

3.0%

Use this information to determine for the February 26 pay period:

1. Charlie's Net Pay

2. Bravo Zulu's employer payroll tax expense

3. Total Payroll Liability for Bravo Zulu

(Round calculations to the nearest penny.Enter dollar values in answer boxes rounded to the nearest penny.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Recommended Textbook for

Financial and Managerial Accounting

Authors: Horngren, Harrison, Oliver

3rd Edition

978-0132497992, 132913771, 132497972, 132497999, 9780132913775, 978-0132497978

Students also viewed these Accounting questions

Question

What is one of the skills required for independent learning?Explain

Answered: 1 week ago