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 mamed 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 7:57 7:52 7:59 8:00 7:56 8:00 Out In Out Regular Overtime 12:05 12:35 4:33 8 2:09 12:39 5:05 8 12:15 12:45 5:30 8 12:01 12:30 6:31 8 12:05 12:34 4:30 8 10:31 1/2 VW 2 1/2 Complete the following for the week: If required, round your answers to two decimal places. 40 400 90 490 regular hours X $10.00 per hour b. 6 overtime hours X $15.00 per hour c. 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% Total withholding Net pay e. 30.38 7.11 f. g. h.

Explanation / Answer

Particulars Amount a 40 regular Hours @ $10 Per hour 400.00 b 6 Overtime Hours @ $15 per hour 90.00 c Total Gross Wages 490.00 d Federal Income Taxe Withholding 2.00 e Social Security Withholding @ 6.2% 30.38 f Medicare Witholding @ 1.45% 7.11 g Total Witholding (e+f+d) 39.49 h Net Pay (C-G) 450.52

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