How do determine the gross pay for the week

Assignment Help Financial Accounting
Reference no: EM132776212

An employee earns $16 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 55 hours during the week.

Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee's federal income tax withheld is $230.

Problem a. Determine the gross pay for the week.

Problem b. Determine the net pay for the week.

Reference no: EM132776212

Questions Cloud

How that equation fits into type of chemical reaction : When this reaction was completed in a lab - only 2.25 grams of sodium carbonate was actually produced. What was the percent yield? Be sure to label the actual a
Translate swissco year financial statements : Prime Corp., Translate Swissco's Year 2 financial statements assuming that Swissco's functional currency is the Canadian dollar.
What is the mass of the solid sample : Suppose you are measuring the mass of a solid sample on a balance
How does litmus paper indicate an acid : How does litmus paper indicate an acid?
How do determine the gross pay for the week : How do Determine the gross pay for the week. An employee earns $16 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.
Determine the degree of operating leverage : The variable cost per unit is $26.78, Poseidon Swim has average fixed costs per year of $5,019. Determine the degree of operating leverage
Determine contribution to profit from each chain last year : Determine the contribution to profit from each chain last year. Ruiz Wholesalers operates at capacity and sells furniture items to four? department-store
Enumerate the four different types of materials : a. Enumerate the four different types of materials and give some examples of each
Find the rival firm cost of unlevered equity : Find the rival firm's cost of unlevered equity and use it to estimate the NPV of the project under the WACC approach. Do not round intermediate steps

Reviews

Write a Review

Financial Accounting Questions & Answers

  How much beth had age sixty four

Plans to draw at 65. IRA accounts grow at 8% annual rate/ no taxes or inflation. How much Beth have invested age 32. How much Beth had age 64?

  Performs concerts at large performing art

Montpelier Symphony Orchestra performs concerts at large performing art center in the city. The average concert sells 900 tickets at $60 per ticket. The company runs about 100 concerts per year and each concert requires 95 artists. The company hires ..

  How payroll accounting is done in pca

Draw the diagram that shows how payroll accounting is done in PCA and when setting up payroll defaults, what is the first step - identify the five tabs on the Employee Defaults window.

  What are the total budgeted costs for each activity

What are the total budgeted costs for each activity and for the division as a whole in February and March? Identify unit-level and batch-level activities

  Define adoption of integrated reporting

Australia is moving closer to the adoption of Integrated Reporting. Explain the purpose of Integrated Reporting and what additional reporting.

  Prepare the departments equivalent units of production

The production department in a process manufacturing system completed 309,000 units of product and transferred them to finished goods during a recent period. Of these units, 89,000 were in process at the beginning of the period. Prepare the departmen..

  Manufacturer of clinical diagnostic equipment

Donna Jamison, a recent UNC graduate with four years of for-profit health management experience, was recently brought in as assistant to the chairman of the board of Computron Diagnostics, a manufacturer of clinical diagnostic equipment. The company ..

  What does it mean when accounts where reversed

Accrued liabilities as of December 31, 2017 were as follows: Accrued payroll P48,000. What does it mean when accounts where reversed

  New equipment with cash and marketable securities

Johnson Corp is interested in purchasing some new material-handling equipment right after the beginning of the new year. They would like to finance the new equipment with cash and marketable securities, but if necessary they can get a short-term loan..

  What is the minimum acceptable return for idm

What is the minimum acceptable return for IDM, assuming a risk-free rate of 2.5 percent and equity (or market) risk premium of 4.5 percent?

  Prepaid items in balance sheet accounts

1.Following are two income statements for Alexis Co. for the year ended December 31.

  What constant amount could withdraw each year

If you have $28 000 in an account earning 10% annually, what constant amount could you withdraw each year and have nothing remaining at the end of 4 years?

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