Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hal Stanton manages a Dairy King drive-in. His straight-time pay is $17 per hour, with time-and-a-half for hours in excess of 40 per week. Stanton's

image text in transcribed

Hal Stanton manages a Dairy King drive-in. His straight-time pay is $17 per hour, with time-and-a-half for hours in excess of 40 per week. Stanton's payroll deductions include withheld income tax of 30%, FICA tax, and a weekly deduction of $11 for a charitable contribution to United Way. Stanton worked 60 hours during the week. (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Compute Stanton's gross pay and net pay for the week. Assume earnings to date are $17,000. (Round all amounts to the nearest cent.) Begin by computing Stanton's gross pay for the week. Straight-time pay for 40 hours Overtime pay for 20 hours Gross Pay Compute Stanton's net pay for the week. (Round all amounts to the nearest cent) Gross pay Withholding deductions S 680.00 510.00 S 1,190.00 More Info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: 1,190 OASDI 6.2% on first $118,500 earned: Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000 OASDI 6.2% on first $118,500 earned: Medicare: 1.45% on all earnings; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 eamed. PrintDone Net (take-home) pay

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

Recommended Textbook for

Auditing That Matters Case Studies Discussion Guide

Authors: Norman Marks

1st Edition

B089J5JCL2, 979-8650410546

More Books

Students also viewed these Accounting questions

Question

How can CSR be applied to sport?

Answered: 1 week ago

Question

11. Are your speaking notes helpful and effective?

Answered: 1 week ago

Question

The Goals of Informative Speaking Topics for Informative

Answered: 1 week ago