Reference no: EM131133954
Ex 10-9 Calculate payroll ObJ. 2
Diego Company has three employees-a consultant, a computer programmer, and an ad- ministrator. The following payroll information is available for each employee:
Consultant Computer Programmer Administrator
Regular earnings rate $3,800 per week $38 per hour $42 per hour Overtime earnings rate* Not applicable 2 times hourly rate 1.5 times hourly rate Number of withholding allowances 1 2 2
For hourly employees, overtime is paid for hours worked in excess of 40 hours per week.
For the current pay period, the computer programmer worked 55 hours and the ad- ministrator worked 52 hours. The federal income tax withheld for all three employees, who are single, can be determined from the wage bracket withholding table in Exhibit 3 in the chapter. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $75.
Determine the gross pay and the net pay for each of the three employees for the current pay period.
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