xercise 9-18A Computing gross and net pay LO P5 Lenny Florita, an unmarried employee, works 48 hours in the week ended J...
xercise 9-18A Computing gross and net pay LO P5
Lenny Florita, an unmarried employee, works 48 hours in the week
ended January 12. His pay rate is $12 per hour, and his wages have
deductions for FICA Social Security, FICA Medicare, and federal
income taxes. He claims four withholding allowances. Compute his
regular pay, overtime pay (Lenny earns $18 per hour for each hour
over 40 per week), and gross pay. Then compute his FICA tax
deduction (6.2% for the Social Security portion and 1.45% for the
Medicare portion), income tax deduction (use the wage bracket
withholding table from Exhibit 9A.6), total deductions, and net
pay. (Round your intermediate calculations and final
answers to 2 decimal places.)
Homework Answers
ANSWER
| Hours | Hourly Rate | |||||
| Regular pay | 40 | $ 12.00 | ||||
| Overtime pay | 8 | $ 18.00 | ||||
| Gross pay | $ 624.00 | 40 X 12 + 18 X8 | ||||
| FICA Social Security tax deduction | $ 38.69 | 624 X 6.2% | ||||
| FICA Medicare tax deduction | $ 9.05 | 624 X 1.45% | ||||
| Income tax deduction | $ 52.00 | |||||
| Total deductions | $ 99.74 | |||||
| Net pay | $ 524.26 | |||||
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xercise 9-18A Computing gross and net pay LO P5 Lenny Florita, an unmarried employee, works 48 hours in the week ended J...
Lenny Florita, an unmarried employee, works 47 hours in the week ended January 12. His pay rate is $12 pe...
Lenny Florita, an unmarried employee, works 47 hours in the week ended January 12. His pay rate is $12 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims four withholding allowances. Compute his regular pay, overtime pay (Lenny earns $18 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion),...
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Lenny Florita, an unmarried employee, works 50 hours in the week
ended January 12. His pay rate is $12 per hour, and his wages have
deductions for FICA Social Security, FICA Medicare, and federal
income taxes. He claims four withholding allowances. Compute his
regular pay, overtime pay (Lenny earns $18 per hour for each hour
over 40 per week), and gross pay. Then compute his FICA tax
deduction (6.2% for the Social Security portion and 1,45% for the
Medicare portion),...
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ended January 12. His pay rate is $12 per hour, and his wages have
deductions for FICA Social Security, FICA Medicare, and federal
income taxes. He claims four withholding allowances. Compute his
regular pay, overtime pay (Lenny earns $18 per hour for each hour
over 40 per week), and gross pay. Then compute his FICA tax
deduction (6.2% for the Social Security portion and 1,45% for the
Medicare portion),...
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