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June 29, 2015

Homework Help: payroll

Posted by jim on Sunday, July 1, 2012 at 8:27pm.

An employee's rate of pay is $40.00 per hour, with time and a half for all hours worked in excess of 40 during a week. The following data are available:

Allowances claimed on W-4 4
Allowance amount allowed:$70 ea.
Hours worked this week 50
Y T D Earnings prior 105,200
F I T Withheld $ ??
Social Security tax was withheld @ the rate of 6.2% on the 1st $ 106,400
Medicare tax was withheld @ the rate of 1.45 %

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