Question
Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise , calculate hourly rates and overtime rates as follows: 1.
Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise, calculate hourly rates and overtime rates as follows:
1. | Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the over-time rate). | |
2. | If the third decimal place is 5 or more, round to the next higher cent. | |
3. | If the third decimal place is less than 5, simply drop the third decimal place. | |
Examples: | Monthly rate $1,827 Weekly rate ($1,827 12)/52 = $421.615 rounded to $421.62 Hourly rate $421.62/40 = $10.540 rounded to $10.54 O.T. rate $10.54 1.5 = $15.81 |
Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow.
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee.
Enter deductions beginning with a minus sign (-).
Using Table of Allowance Values for Dec 31, 2016
Using Percentage Method Tables for Dec 31, 2016
Using Wage-Bracket Method Tables for Dec 31, 2016
Amount to Be Withheld | |||||
Employee | Marital Status | No.of Withholding Allowances | Gross Wage or Salary | Percentage Method | Wage-Bracket Method |
Ruiz, S. | S | 2 | $1,040 weekly | $ | $ |
Flume, X. | S | 1 | 2,190 weekly | N/A | |
Farley, H. | M | 6 | 1,890 biweekly | ||
Comey, P. | M | 4 | 2,315 semimonthly | ||
Hanks, R. | M | 9 | 4,200 monthly |
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