Calculate the gross income

Assignment Help Accounting Basics

Reference no: EM131195219

A company called Data Housing Corp. employs a number of employees. all employees are paid on hourly base, any employee who works over than 40 hours is entitled to be paid overtime (1.5 for every hour exceeding 40).

Calculate:

1. The Gross income: Gross income - (Rate * hours worked) + over time.

2. The Overtime: Overtime = number of hours exceeding 40 * Rate * 1.5

3. State Tax: State Tax = gross * 6%

4. Federal Tax: fed Tax = Gross * 12%

5. Union fees: Union fees = Gross * 2%

6. Net: Net = Gross - (state tax + fed tax + Union fees).

7. Total Gross for all employees.

8. Average Gross for all employees.

Directions:

Your input consists of Employee First Name, Middle Initial, Last name, Hours worked, Rate per Hour.
State tax, Fed tax and Union fees are constants.

Reference no: EM131195219

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