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Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535 Exercise 44
Calculate payroll
An employee earns $44 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 51 hours during the week, determine the employee's (A) gross pay and (B) net pay for the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee's federal income tax withheld is $403.
An employee earns $44 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 51 hours during the week, determine the employee's (A) gross pay and (B) net pay for the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee's federal income tax withheld is $403.
Explanation
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Payroll and payroll taxes
Payroll indic...
Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
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