Determine the gross pay for the week

Assignment Help Accounting Basics
Reference no: EM132761300

Question - Calculate Payroll - An employee earns $25 per hour and 2 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 48 hours during the week. 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 $239.15.

Required -

a. Determine the gross pay for the week.

b. Determine the net pay for the week. Round to two decimal places.

Reference no: EM132761300

Questions Cloud

Implications of application of dna sequencing : However, should insurance companies or employers also have access to a person's genetic information? Discuss the social, legal and ethical implications
Determine the size of each quarterly deposit in the fund : Lowell Corporation wishes to establish a sinking fund to retire a $200,000 debt, determine the size of each (equal) quarterly deposit in the fund.
How many of the units were started : Jane Industries manufactures plastic toys. During? October, Jane's Fabrication Department started work on models. During the? month, the company completed.
How prepare a straight-line amortization table for the bonds : How much total bond interest expense will be recognized over the life of these bonds? Prepare a straight-line amortization table for these bonds.
Determine the gross pay for the week : An employee earns $25 per hour and 2 times that rate for all hours in excess of 40 hours per week. Determine the gross pay for the week
Relationship between size of cells present in embryo : Based What happens to each of the following during early cell division? The question is at thwe very bottom.
What is the sensitivity of the npv to changes in quantity : McGilla Golf has decided to sell a new line of golf clubs. The clubs will sell for $818 per set and have a variable cost of $370 per set.
Explain how wheeled coach implements : Explain how Wheeled Coach implements ABC analysis. How would you go about implementing these suggestions?
What is the purpose of preparing financial statements : What is the purpose of preparing financial statements? To show the business performance of the business and its financial position

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much cash will be collected in february

Dannie's Tech Store collects 55% of its accounts receivable in the month of sale and 40% in the month after the sale. Given the following sales.

  Prepare the appropriate journal entry to record compensation

On January 1, 2011, options were granted for 40 million $1 par common shares. Prepare the appropriate journal entry to record compensation expense

  Analysis to determine whether the ice makers

Prepare an incremental analysis to determine whether the ice makers should be made within the company or purchased from the outside supplier

  How much overhead cost is allocate to order filling activity

How much overhead cost is allocated to the Order Filling activity cost pool under activity-based costing?

  Calculate percentage of smoker in cases

PH384: Introduction of Epidemiology. Calculate percentage of smoker in cases. Calculate the odds ratio and provide brief interpretation about the odds ratio.

  Calculate the return on sales and return on assets

For 2016, net sales amount to $11,280,000, net income is $575,000, and preferred stock dividends paid are $42,000. Calculate the Return on sales

  Prepare Metlock December adjusting entry

The company expects 30% of the UPC codes to be sent in. During 2020, 96,000 UPC codes were redeemed. Prepare Metlock's December 31, 2020, adjusting entry

  Luke who retired this year lives in a four-plex owned by

luke who retired this year lives in a four-plex owned by julie. lukes income decreased when he retired and he now has

  Calculate the real interest rate

If you bought the one-year Treasury bill in May 2012, calculate the real interest rate you earned over the following 12-month period. Given the results of your calculation, why were investors willing to buy Treasury bills in May 2012?

  What is the basis of its measurement

What is service cost, and what is the basis of its measurement?

  Development of generally accepted accounting principles

Certain underlying considerations have had an important impact on the development of generally accepted accounting principles. Following is a list of these underlying considerations, as well as a list of statements describing them.

  Prepare the journal entry to record the revaluation

Prepare the journal entry to record the revaluation of the patent. Calculate amortization for 2012. Calculate amortization for 2011.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd