Exercise I-3 (Part Level Submission) Ramirez Company has the following data for

Question

Exercise I-3 (Part Level Submission) Ramirez Company has the following data for the weekly payroll ending January 31. Federal Hourly Income Tax Health Hours Employee M T W T F S Rate Withholding Insurance L. Helton 8 8 9 8 10 3 $12 R. Kenseth 8 8 8 8 8 2 14 D. Tavaras 9 10 8 8 90 $34 37 58 25 25 Employees are paid 1y2 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7,6S% on the first $117,000 org Ramirez Company is subject to 5.4% state unemployment taxes and 0.8% federal unemployment taxes on the first $7,000 of gross earnings ross eaming

Explanation / Answer

Calculations:

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Earnings Deductions Total Hours Regular Overtime Gross Pay FICA Taxes FIT Health Insurance Total Net Pay Helton 46 $     480.00 $ 108.00 $     588.00 $        44.98 $     34.00 $           10.00 $     88.98 $     499.02 Kenseth 42 $     560.00 $     42.00 $     602.00 $        46.05 $     37.00 $           25.00 $ 108.05 $     493.95 Tavaras 44 $     600.00 $     90.00 $     690.00 $        52.79 $     58.00 $           25.00 $ 135.79 $     554.21 $ 1,640.00 $ 240.00 $ 1,880.00 $     143.82 $ 129.00 $           60.00 $ 332.82 $ 1,547.18

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