If a banquet server is paid $12.00 per work hour, and also earns, on average, $10.00 per work hour gratuity and tip income, the hourly payroll tax for this person is approx. $3.30 to $ _____ .
Since we don't know the break up between the gratuity and tip income the maximum taxable amount becomes $22,Considering a 30% tax rate we have maximum tax as 0.3 * $22 = $6.3
PS- Please upvote if you find the answer useful and comment in case of any doubts.
If a banquet server is paid $12.00 per work hour, and also earns, on average, $10.00...
Suppose Jim worked 74 hours during this payroll period and is paid 12.00 per hour. Assume FICA is 6.2 Medicare is 1.45 and withholding tax is 10%. Calculate Jim’s net paycheck for the period
An average of 90 cars per hour arrive at a single-server toll booth. The average service time for each customer is a half minute, and both interarrival times and service times are exponential. For each of the following questions, show your work, including the formula that you are using. 1) On average, how many cars per hour will be served by the server
Alex earns a wage of 15 an hour if he works up to forty hours per week. however,for every hours, alex works in excess of 40 he earns a wage of 30 an hour。 Alex also faces a 20% tax rate and pays child-care expenses of 4 for every hour he works. He also receives a child support payment of 80 per week. He has a total of 110 hours per week that he can dedicate to work and leisure....
Stark Company has five employees. Employees paid by the hour earn $10 per hour for the regular 40-hour workweek and $15 per hour beyond the 40 hours per week. Hourly employees are paid every two weeks, but salaried employees are paid monthly on the last biweekly payday of each month. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes...
Stark Company has five employees. Employees paid by the hour earn $10 per hour for the regular 40-hour workweek and $15 per hour beyond the 40 hours per week. Hourly employees are paid every two weeks, but salaried employees are paid monthly on the last biweekly payday of each month. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes...
SCENARIO 1 Myles earns $30 per hour. So far this year Myles has earned $6,400 (YTDb4). This week Myles worked for 50 hours and gets time and a half overtime for hours in excess of 40 per week. Calculate gross and net payroll and prepare journal entries for the payroll & the related employer's payroll tax expense based on the following rates. THESE 2 JOURNAL ENTRIES ARE FOR THIS WEEK ONLY! Social Security rate is 8% up to an annual...
Calculate Payroll An employee earns $28 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 50 hours during the week. Assume that the social security tax rate was 6.0, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $370.30. a. Determine the gross pay for the week. If applicable, round your final answer to two decimal places. b. Determine the net pay...
(10) A person earns a wage $10 per hour and has 100 hours per week to allocate between leisure and work. At the $10 wage, the person chooses to consume 65 hours of leisure per week. a. Draw the labor-leisure graph showing the situation described above. Make sure to label all intercepts, axis, and relevant slopes in your graph. b.The wage increases to $15 per hour. Assume the substitution effect exceeds the income effect. Show on your graph whether the person works more...
Calculate Payroll An employee earns $20 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 50 hours during the week. Assume that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be with held was $253.00. a. Determine the gross pay for the week. If applicable, round your final answer to two decimal places. b. Determine the net...
Calculate Payroll An employee earns $24 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 60 hours during the week, and that the gross pay prior to the current week totaled $34,800. 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 $403. a. Determine the gross pay for the week. $ If...