Calculate the amount of the interest expense for each option.
Calculate payroll
1. Obj. 2
An employee earns $25 per hour and 2 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 48 hours during the week. 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 $239.15.
1. Determine the gross pay for the week.
2. Determine the net pay for the week.
Answer
Check Figure: Net pay, $1,055.85
EX 11-10
Calculate payroll
1. Obj. 2
Breakin Away Company has three employees—a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee:
For the current pay period, the computer programmer worked 50 hours and the administrator worked 48 hours. The federal income tax withheld for all three employees, who are single, can be determined from the wage bracket withholding table in Exhibit 2 in the chapter. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $75.
Determine the gross pay and the net pay for each of the three employees for the current pay period.
Answer
Check Figure: Consultant net pay, $2,760.48
EX 11-11