1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
IgorC [24]
3 years ago
9

At Haddon, Inc., the office workers are employed for a 40-hour workweek and are paid on either an annual, monthly, or hourly bas

is. All office workers are entitled to overtime pay for all hours worked beyond 40 each workweek at 1.5 times the regular hourly rates. Company records show the following information for the week ended December 26, 20--. Employee Salary Hrs. WorkedCumulative Taxable Wages as of Last Pay Period (12/19/--) OFFICEKing, M.$135,200.00 per year40$132,600.00 Manera, E.$6,500.00 per month40$76,500.00 Tate, S.$3,900.00 per month48$45,900.00 Yee, L.$12.50 per hour44.5$27,675.13 PLANTDiaz, R.$12.50 per hour48$14,778.96 Zagst, J.$14.50 per hour52$24,703.02 On the form below, calculate for each worker: (a) regular earnings, (b) overtime earnings, (c) total regular and overtime earnings, (d) FICA taxable wages, (e) FICA taxes to be withheld, and (f) net pay for the week ended December 26, 20--. Assume that there are 52 weekly payrolls in 20--. Also, determine the total where indicated.
Business
1 answer:
levacccp [35]3 years ago
3 0

Answer:

Employee        Salary          Hrs. Worked        Cumulative Taxable

                                                                         Wages as of Last Pay Period

King, M.      $135,200 (year)     40                  $132,600.00

Manera, E.     $6,500 (month)  40                  $76,500.00

Tate, S.          $3,900 (month)  48                  $45,900.00

Yee, L.            $12.50 (hour)     44.5               $27,675.13

Diaz, R.           $12.50 (hour)     48                  $14,778.96

Zagst, J.          $14.50 (hour)     52                  $24,703.02

(a) regular earnings,  

King, M. $135,200 / 52 weeks = $2,600    

Manera, E. $1,500 weekly salary    

Tate, S. $900      

Yee, L. $12.50 x 40 = $500        

Diaz, R. $12.50 x 40 = $500        

Zagst, J. $14.50 x 40 = $580

(b) overtime earnings,

King, M. $0    

Manera, E. $0  

Tate, S. [($900 / 40) x 8 x 1.5] = $270      

Yee, L. $12.50 x 4.5 x 1.5 = $84.38        

Diaz, R. $12.50 x 8 x 1.5 = $150                  

Zagst, J. $14.50 x 12 x 1.5 = $261

(c) total regular and overtime earnings,

King, M. $2,600    

Manera, E. $1,500  

Tate, S. $1,170      

Yee, L. $584.38        

Diaz, R. $650                  

Zagst, J. $841

(d) FICA taxable wages (the FICA taxes limit for 2020 is $137,700, so everyone will be taxed)

King, M. $2,600    

Manera, E. $1,500  

Tate, S. $1,170      

Yee, L. $584.38        

Diaz, R. $650                  

Zagst, J. $841

(e) FICA taxes to be withheld

King, M. $2,600 x 7.65% = $198.90    

Manera, E. $1,500 x 7.65% = $114.75      

Tate, S. $1,170 x 7.65% = $89.51          

Yee, L. $584.38 x 7.65% = $44.71            

Diaz, R. $650 x 7.65% = $49.73                      

Zagst, J. $841 x 7.65% = $64.34    

(f) net pay for the week ended

King, M. $2,600 - $198.90 = $2,401.10    

Manera, E. $1,500 - $114.75 = $1,385.25      

Tate, S. $1,170 - $89.51 = $1,080.49          

Yee, L. $584.38 - $44.71 = $539.67            

Diaz, R. $650 - $49.73 = $600.27                      

Zagst, J. $841 - $64.34 = $776.66    

You might be interested in
Suisse Internationale, a Swiss maker of athletic equipment, enters into a price fixing agreement with Total World Sports, a U.S.
Irina18 [472]

Answer:

D

Explanation:

6 0
3 years ago
To figure out what type of tests you are best at, you should
RUDIKE [14]
Take a small quiz of each subject and have someone grade it and then you will know the answer to your question
3 0
3 years ago
Read 2 more answers
You manage an equity fund with an expected risk premium of 10.2% and a standard deviation of 16%. The rate on Treasury bills is
Inga [223]

Answer:

idk

Explanation:

6 0
3 years ago
A COMPANY HAS RECENTLY OURSOURCED ITS PAYROLL PROCESS TO A THIRD-PARTY SERVICE PROVIDER. AN AUDIT TEAM WAS SCHEDULED TO AUDIT PA
Olin [163]
C. The third party is a desperate business. If it sees a major flaw from the third party it could possibly take action but this isn't as much of a worry as one would think.
7 0
3 years ago
Sarah’s marketing team was beginning the process of developing a new product to expand their current product line and/or mix. At
vlada-n [284]

Answer: New-product strategy

Explanation:

Based on the information given in the question, Sarah and her team were at the new product strategy stage of the new product development process.

This is a strategy that is used to develop a new product. The strategy helps to answer questions such as who will benefit from the products, the goals of the company and other necessary details.

5 0
2 years ago
Other questions:
  • If you had $1,000 to invest into the following funds, which one would have the highest value (not including any fees) at the end
    10·2 answers
  • Which of the following represents a starting point for​ long-run pricing​ decisions? A. Opportunistic​ pricing, which is based o
    6·1 answer
  • Which of the following statements concerning the long - run average cost​ (LRAC) curve is correct​?A.The LRAC curve is derived f
    5·1 answer
  • Cumulative preferred stock means the stock is entitled to its regular dividend plus an additional share of the total amount of d
    11·1 answer
  • In a command economy:_______
    15·1 answer
  • Kenneth is the CEO of a successful carpet company. His factories consume a lot of water and energy, as well as pollute the air a
    11·1 answer
  • The Lighthouse Co. is in a downsizing mode. The company paid a $2.50 annual dividend last year. The company has announced plans
    9·1 answer
  • The agreed cost of an item to be purchased by a business on credit is 4000. The applicable cost will be debited to advertising e
    9·1 answer
  • A strategy of spreading investments among different industry sectors is
    10·1 answer
  • why do students need to study information technology? group of answer choices information technology is everywhere in business i
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!