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Finger [1]
3 years ago
15

Beth Corbin’s regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a J

anuary pay period, Beth works 45 hours. Beth’s federal income tax withholding is $95, and she has no voluntary deductions. Use January 15 for the end of the pay period and the payment date.
Business
1 answer:
Vika [28.1K]3 years ago
8 0

Answer:

Gross Earnings $760

Net Earnings $606.86.

Explanation:

Beth's regular hourly wage is 40 hours at the rate of $16 per hour.

40 x 16 = $640

Overtime hourly wage is additional hours after the normal 40 hours at the rate of $24.

5 x 24 = $120

Gross earnings is calculated by adding both the above amounts.

640 + 120 = $760

Her employer will charge FICA rate of 7.65% for the amount she earns (Gross Earnings).

760 x 7.65% = 58.14

Net Earnings will be Gross Earnings less FICA and federal income tax $95.

760 - 58.14 - 95 = 606.86

Hence, Beth's Gross Earnings are $760 and Net Earnings are $606.86.

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At the end of 2011, retained earnings for the bisk company was $3,050. revenue earned by the company in 2011 was $1,935, expense
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<u>Calculation of retained earnings beginning balance:</u>


Retained earning beginning balance can be calculated using the following formula:

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Solution

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