What is the gross pay for the employee

Assignment Help Accounting Basics
Reference no: EM132679933

Problem 1. An employee receives an hourly rate of $40, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $350; social security tax rate, 6.2% on maximum of $130,000; and Medicare tax rate, 1.45% on all earnings. What is the gross pay for the employee?

A. $ 775.00

B. $1,840.00

C.$1,562.60

D. $1,960.00

Problem 2. An employee receives an hourly rate of $25, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked 46 federal income tax withheld, $350; social security tax rate, 6.2% on maximum of $120,000; and Medicare tax rate, 1.45% on all earnings. What is the net amount (rounded) to be paid the employee?

A. $781

B. $875

C.$1,127

D. $1,225.00

Reference no: EM132679933

Questions Cloud

Describe the legal and ethical parameters : Describe the legal and ethical parameters related to administering and interpreting assessment tools. Identify the sanctions and educational requirements.
Find the entry to record payment of net pay would include a : Find the entry to record the payment of net pay would include a? The total earnings of an employee for a payroll period is referred to as
Define how might performance appraisals differ : Organizations use employee performance appraisals for developmental and evaluative purposes as a part of personnel management (Boswell & Boudreau, 1999).
Considering new opportunities to increase community : Timberline Health, integrated delivery system serving residents in five counties in eastern Washington, is considering new opportunities to increase community
What is the gross pay for the employee : Social security tax rate, 6.2% on maximum of $130,000; and Medicare tax rate, 1.45% on all earnings. What is the gross pay for the employee?
Problem - Book Value of Fixed Assets : Problem - Book Value of Fixed Assets - Would the book value of Microsoft Corporation's fixed assets normally approximate their fair market values
Engage target audience and communities : Explain which population will be most served by your health services marketing plan and why.
What is the amount of interest expense recognized by alton : On July 8, Using the 360-day year in your calculations, what is the amount of interest expense recognized by Alton in the current year?
Describe the country changing demographic landscape : Some general guidelines for writing the essay: Start with an introductory paragraph in which you explicitly state your thesis. Then describe the country's.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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