Question
The following information is for employee Keegan Spencer for the week ended March 15. Total hours worked: 48.5 Rate: $16 per hour, with 1.5 times
The following information is for employee Keegan Spencer for the week ended March 15.
Total hours worked: 48.5 Rate: $16 per hour, with 1.5 times that rate for all hours in excess of 40
Federal income tax withheld: 24%
State income tax withheld: 3.4%
United Way deduction: $50
Tax rates:
Social security: 6.2% on employee earnings; paid by both employer and employee
Medicare tax: 1.45% on employee earnings; paid by both employer and employee
State unemployment: 5.2% on employee earnings; paid by employer
Federal unemployment: 0.8% on employee earnings; paid by employer
(a) Determine (1) total earnings, (2) total deductions, and (3) cash paid. Show all calculations. Round all amounts to the nearest penny.
(b) Determine (1) the amount of each payroll tax to be paid (employer's responsibility) and (2) the total amount of taxes to be paid (employer's responsibility) by the employer related to the earnings of Keegan Spencer for the week ended March 15. Show all calculations. Round all amounts to the nearest penny
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started