Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Please help with the following: Calculate Payroll An employee earns $32 per hour and 1.5 times that rate for all hours in excess of 40

Please help with the following:

image text in transcribedimage text in transcribed

Calculate Payroll An employee earns $32 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 55 hours during the week, and that the gross pay prior to the current week totaled $46,400. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $460. a. Determine the gross pay for the week. If applicable, round your final answer to two decimal places. b. Determine the net pay for the week. $ a. If Canace Company, with a break-even point at $395,200 of sales, has actual sales of $520,000, what is the margin of safety expressed (1) in dollars and (2) as a percentage of sales? Round the percentage to the nearest whole number. 1. $ 2. % b. If the margin of safety for Canace Company was 40%, fixed costs were $1,646,400, and variable costs were 60% of sales, what was the amount of actual sales (dollars)? (Hint: Determine the break-even in sales dollars first.)

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

Students also viewed these Accounting questions