Calculate payroll An employee earns $30 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 54 hours during the week, determine the employee’s (a) gross pay and (b) net pay for the week. Assume that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and the employee’s federal income tax withheld is $295.

Q: Calculate Payroll An employee earns $20 per hour and 1.5 times that rate for all hours in excess of…

A: GIVEN DATA     An employee earns $20 per hour and 1.5 times that rate for a hours in excess of 40…

Q: An employee earns $24 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: Formula: Net Pay = Gross pay - Total deductions Deductions are to be subtracted  from Gross pay to…

Q: An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of…

A: Gross earnings = Regular earnings + Overtime earnings = (40 hours x $15 per hour) + (6 hours x $15…

Q: Sadie White receives an hourly rate of $30, with time and a half for all hours worked in excess of…

A: Lets understand the basics. Net amount paid is a gross salary less deductions made.  Gross salary is…

Q: An employee receives an hourly rate of $18, with time and a half for all hours worked in excess of…

A: Introduction:- The following basic information as follows under:- Federal income tax withheld, $144…

Q: For all payroll calculations, use the following tax rates and round amounts to the nearest cent…

A: 1.Prepare journal entry to record the employee bonus expense.

Q: An employee earns $40 per hour and 1.75 times that rate for all hours in excess of 40 hours per…

A: a. Gross earnings = (40 hours x $40 per hour) + (Hours in excess of 40 hours x $40 per hour x 1.75…

Q: Sadie White receives an hourly rate of $30, with time and a half for all hours worked in excess of…

A: Given: Hourly rate = $30 Federal income tax = $48 Social security tax = 6% Medicare = 1.5% For over…

Q: . This is the first payroll of the year and the employee has no cumulative earnings for the year to…

A: Calculation of Gross earnings :   Normal earnings $1,800.00 Bonus earnings $540.00 Gross earnings…

Q: Compute payroll An employee earns $28 per hour and 1.5 times that rate for all hours in excess of…

A: Over time done is 6 hours  Wage rate will be  42$ in over time   (  28$× 1.5)

Q: Selected information from the payroll register of Barbara's Stables for the week ended September 28,…

A: Tax liability: It is the total amount of tax owed is a given period, by individuals and…

Q: Compute Payroll An employee earns $20 per hour and 1.75 times that rate for all hours in excess of…

A:

Q: Employee Net Pay Lindsey Vater’s weekly gross earnings for the week ended March 9 were $800, and…

A: Gross pay is the total wages or salary earned by an employee during an accounting period. Net pay is…

Q: Calculate Payroll An employee earns $32 per hour and 1.75 times that rate for all hours in excess…

A: Introduction: Payroll accounts are maintained separately to record the salaries paid to everyone in…

Q: An employee earns $36 per hour and 1.75 times that rate for all hours in excess of 40 hours per…

A: Since the employee works for an overtime of additional 15 hours   55 - 40 15 hrs His wage rate for…

Q: Calculate Payroll An employee earns $24 per hour and 1.75 times that rate for all hours in excess…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: 6. Sadie White receives an hourly rate of $30, with time and a half for all hours worked in excess…

A: Formula: Excess hours = Total hours - Normal hours

Q: Calculation and Journal Entry for Employer Payroll Taxes Portions of the payroll register for La…

A: Taxation: Taxation refers to the imposition of compulsory financial obligations by the government on…

Q: An employee earns $22 per hour and 2 times that rate for all hours in excess of 40 hours per week.…

A:

Q: An employee earns $36 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: The following calculations are done to evaluate the net pay of the employee after deducting all…

Q: An employee earns $32 per hour and 1.75 times that rate for all hours in excess of 40 hours per…

A: Gross pay: It is an income calculated by multiplying the total hours worked with the basic hourly…

Q: For all payroll calculations, use the following tax rates and round amounts to the nearest cent…

A:

Q: An employee receives an hourly wage rate of $23, with time-and-a-half for all hours worked in excess…

A: Definition: The net amount payable to the employee is the amount paid net of taxes. It is calculated…

Q: An employee earns $25 per hour and 2 times that rate for all hours in excess of 40 hours per week.…

A: Payroll accounting involves records of calculation, recording and analysis of employees compensation…

Q: An employee receives an hourly rate of $30, with time and a half for all hours worked in excess of…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: An employee receives an hourly rate of $22, with time and a half for all hours worked in excess of…

A: The entire amount of fixed earnings earned during a specific time period is referred to as a…

Q: In January, the payroll supervisor determines that gross earnings for Sandhill Company are $108,000.…

A: Social Security tax = Gross Earnings x Social Security tax rate = $108000*6.20% = $6,696  Medicare…

Q: An employee receives an hourly rate of $25.00, with time and a half for all hours worked in excess…

A: Given the following information: An employee receives an hourly rate of $25.00 with time and a half…

Q: An employee receives an hourly rate of $17, with time and a half for all hours worked in excess of…

A: Gross pay = ($17 x 40 hours+ $17*1.5 x 9 hours) = $909.50

Q: An employee receives an hourly wage rate of $25, with time and a half for all hours worked in excess…

A: Given that , Hourly wage rate = 25 per hr  hours to be worked = 40 hrs Actual hours worked = 42 hrs…

Q: An employee earns $25 per hour and 2 times that rate for all hours in excess of 40 hours per week.…

A: Requirement a:Calculate the gross pay for the week.

Q: An employee earns $40 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: Gross pay is the payment made to the employees without any tax and net pay is the payment made to…

Q: An employee receives an hourly wage rate of $18, with time and a half for all hours worked in excess…

A: An employee who works on an hourly basis is paid the wages at the hourly rate determined by the…

Q: For all payroll calculations, use the following tax rates and round amounts to the nearest cent:…

A: 1) Computation of gross pay for working of 58 hours during the first week of February :- Gross pay =…

Q: An employee earned $62,500 during the year working for an employer. The FICA tax rate for Social…

A: Step 1 The unemployment taxes (FUTA) of $42 is obtained by multiplying the earnings of $7,000 with…

Q: Martin Jackson receives an hourly wage rate of $25, with time and a half for all hours worked in…

A: Gross earnings = (40 hours x $25 per hour) + (Hours in excess of 40 hours x $25*1.5 per hour) =(40…

Q: Thomas Martin receives an hourly wage rate of $22, with time and a half for all hours worked in…

A: Based on the given information, Excess hours worked = 44-40 = 4 hours Normal wage rate for hours…

Q: The gross payroll total for all employees of Yanni's Gyros this month is $120,000. All employees'…

A: Introduction:- Federal Tax, State Tax and FICA tax are withheld from employee's wages.

Q: An employee receives an hourly rate of $25, with time and a half for all hours worked in excess of…

A: Gross earnings = (40 hours x $25 per hour) + (Hours in excess of 40 hours x $25 per hour x 1.5) =(40…

Q: Compute Payroll An employee earns $24 per hour and 1.75 times that rate for all hours in excess of…

A: Solution:- a)Calculation of the gross pay for the week as follows:- =Normal wages + Overtime wages

Q: Compute Payroll An employee earns $22 per hour and 2 times that rate for all hours in excess of 40…

A: a. Regular Earning = 40 * 22 = $880     Overtime Earning = (50 -40) * 22 * 2   Overtime Earning =…

Q: Wage and tax statement data on employer FICA tax Ehrlich Co. began business on January 2, 20Y8.…

A: W-2 is the form that is filled by the employer stating the annual wage payments to the employees and…

Q: Selected information from the payroll register of Barbara's Stables for the week ended September 28,…

A: Social Security tax = 6.2% on the first $128,400 of earnings Medicare tax = 1.45% of gross earnings…

Q: Calculate Payroll An employee earns $44 per hour and 1.75 times that rate for all hours in excess of…

A: Solution:- a)Calculation of  gross pay for the week as follows:- Gross earnings = (40 hours x $44…

Q: An employee earns $32 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: Regular earnings = (40 hours x $32 per hour) = $1,280 Overtime earnings = (60 hours - 40 hours) x…

Q: Compute Payroll An employee earns $22 per hour and 2 times that rate for all hours in excess of 40…

A: Gross pay is an individual's total earnings for a certain time period first before reductions are…

Q: An employee receives an hourly wage rate of $21, with time and a half for all hours worked in excess…

A: Hours worked =45 HOURLY rate=21 For 40 hours  HOURLY rate=10.5 for overtime  social security tax =6%…

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.