accounting

posted by .

An employee earns $40 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 60 hours during the week, and that the gross pay prior to the current week totaled $58,000. Assume further that the social security tax rate was 6.0% (on earnings up to $100,000), the Medicare tax rate was 1.5%, and federal income tax to be withheld was $714.

a. Determine the gross pay for the week.

  • accounting -

    Earnings at regular rate (40hrs x $40) = $1600
    Earnings at overtime rate 20hrs x $40 x 1.75 = 1400
    1400+1600 = 3000

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. math- help again please

    An employee earns $7.00 and hour for the first 35 hours worked in a week, and $10.50 for any hours over 35. One paycheck (before deductions) was for $308.00.How many hours did the employee work?
  2. accounting

    An employee earns $40 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 60 hours during the week, and that the gross pay prior to the current week totaled $58,000. Assume …
  3. payroll

    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 …
  4. help with math!

    Evonne earns $10.50 per hour for a 40 hour week. She earns time and a half (1 1/2 times the normal $10.50 per hour rate) for all hours worked OVER 40 hours. Answer the following question based on Evonne's information. This week Evonne …
  5. c++

    MACHINE PROBLEMS #2 1. Create a C++ program that would input the following data about a merchandise: Product Number, Item Description, Original Price, Estimated Years of used of a Merchandise, Salvage Value of Merchandise. Compute …
  6. Math

    Prepare payroll worksheets (for the week) for three employees. Assume that they worked the following hours at the following rates: - Sam - 6 hours per week at $30/hour - Lisa - on salary with $700/week - Ben - 20 hours per week at …
  7. accounting

    An employee earns $20 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 55 hours during the week, and that the gross pay prior to the current week totaled $29,000. Assume …
  8. Math

    Mike is paid at a rate of 950 per hour for the first 40 hours worked in a week and one and one half times that rate for all hours over 40 if he works 52 1/4 hours in a week what is his gross pay rounded to the nearest cent
  9. Information Systems Technology

    Tom’s Paper Company Ltd wants to produce a payroll register using a program. The data entry clerk is required to enter data for each employee, which comprises of: the employee number (integer), the employee last name (string), the …
  10. Programming

    Develop a Java application that will determine the gross pay for each of three employees. The company pays “straight line” for the first 40 hours worked by each employee and pays “time and a half” for all hours worked in excess …

More Similar Questions