Determine the gross pay for the week

Assignment Help Accounting Basics
Reference no: EM133184746

Question - Calculate Payroll - An employee earns $32 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 50 hours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 15%, and the employee's federal income tax withheld is $ 405.

Required -

a. Determine the gross pay for the week.

b. Determine the net pay for the week.

Reference no: EM133184746

Questions Cloud

State two factors that should be taken into consideration : State TWO factors that should be taken into consideration in determining the residence status of a company
Calculate how much the insurance company must set : As the accountant, calculate how much (in $) the insurance company must set aside now at 6% interest compounded semi-annually to pay this obligation to Apollo
Identify the unit cost for adjustment : The cost received from Department A during the month totaled P9,000 at a unit average cost of P.50. Identify the unit cost for adjustment (Normal lost units)
What is her income tax payable : An investor earns $136147 in the 2021/22 tax year. She purchases shares worth $4840 of 1 on 28 June 2021. What is her income tax payable
Determine the gross pay for the week : An employee earns $32 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Determine the gross pay for the week
Determine the amount of dividends to be paid : Determine the amount of dividends to be paid to ordinary shareholder if preference shares are non- cumulative and are participating in distributions
How low could the new lighting system annual savings be : How low could the new lighting system's annual savings be and still justify acceptance of the proposal by the board of directors if the hurdle rate is 8 percent
What is the investor rate of return : An investor short sells $32,000 worth of a stock priced at $40 per share using 60% initial margin. What is the investor rate of return
Contributing to great resignation : What are the factors contributing to the Great Resignation? What are the economic implications in terms of the labor market and the Macroeconomy as well?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Why is operating leverage different at two levels of sales

What is the accounting break-even level of sales if the firm pays no taxes? (Do not round intermediate calculations.  Why is operating leverage different at these two levels of sales?

  What did mazaya company show as total debits

Share capital-ordinary 1,500; Dividends 750; Revenues 22,500, Expenses 18,750; What did Mazaya Company show as total debits on its trial balance

  Calculate eastern mining corporation share price

Using the constant dividend growth model, calculate Eastern Mining Corporation's share price (P). Give your answer in dollars and cents to the nearest cent.

  What were total current assets

Using the SEC 10-K for your company, answer the questions below: Walmart the company I chose. What were total current assets

  Assume that you are a technology services provider

Assume that you are a technology services provider and you must decide whether to record revenue from the installation of computer software for one of your clients.

  Calculate the carrying amount at the end

Calculate the carrying amount at the end of 2020 for the machine when the company is using the Straight-line depreciation method

  What is the journal entry to record the receipt of cash

The magazines will be delivered on the 1st of each month, starting April 1. What is the journal entry to record the receipt of cash from the customer

  What amount should gabby record for the asset received

What amount should Gabby record for the asset received? Gabby Inc. and Dana Company have an exchange with no commercial substance.

  What would the ending inventory

What would the ending inventory, assuming that (a) gross profit is 49% of sales, (b) gross profit is 60% of cost, (c) gross profit is 36% of sales

  What has happened in the fraud that described

You should evaluate whether the extended fraud triangle model accurately describes what has happened in the fraud that you described.

  What will be the amount reported for liabilities

If in 2018, Robot's assets increase by $3,000 and the equity decreases by $1,950, what will be the amount reported for liabilities in 2018?

  Who does the financial manager primarily make decisions

What is the future value of $8000 invested for 9 years at an interest rate of 8% p.a.? Who does the financial manager primarily make decisions on behalf of?

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