Computing Net Pay Mary Sue Guild works for a company that pays its employees 1 ½

Question

Computing Net Pay Mary Sue Guild works for a company that pays its employees 1 ½ times the regular rate for all hours worked in excess of 40 per week. Guild's pay rate is $10.00 per hour. Her wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. She is married and claims four withholding allowances. Guild has a ½-hour lunch break during an 8½-hour day. Her time card is shown below. Name Week Ending Mary Sue Guild March 30, 20- Hours Worked Day In 7:57 7:52 7:59 8:00 7:56 8:00 Out In Out Regular 12:05 12:35 4:33 8 12:09 12:39 5:05 8 12:15 12:45 5:30 8 12:01 12:30 6:31 12:05 12:34 4:30 8 10:31 Overtime 1/2 2 1/2 Complete the following for the week: If required, round your answers to two decimal places. 40 regular hours X $10.00 per hour 400 b. 6 overtime hours X $15.00 per hour 90 V 490 Total gross wages Federal income tax withholding (Tax Tables: Refer to Figure 8-4 in the text.) Social Security withholding at 6.2% Medicare withholding at 1.45% c. e. 30.38 7.11 g. Total withholding h. Net pay

Explanation / Answer

d) Federal Income Tax Withholding will be 2 as at least wages are 490 and less than 500.

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