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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339 Exercise 22
Computing an employee's total pay
Gloria Traxell is paid $800 for a 40-hour workweek and time-and-a-half for hours above 40.
Requirements
1. Compute Traxell's gross pay for working 48 hours during the first week of February. Carry amounts to the nearest cent.
2. Traxell is single, and her income tax withholding is 10% of total pay. Traxell's only payroll deductions are payroll taxes. Compute Traxell's net (take-home) pay for the week. Use a 7.65% FICA tax rate, and carry amounts to the nearest cent.
Gloria Traxell is paid $800 for a 40-hour workweek and time-and-a-half for hours above 40.
Requirements
1. Compute Traxell's gross pay for working 48 hours during the first week of February. Carry amounts to the nearest cent.
2. Traxell is single, and her income tax withholding is 10% of total pay. Traxell's only payroll deductions are payroll taxes. Compute Traxell's net (take-home) pay for the week. Use a 7.65% FICA tax rate, and carry amounts to the nearest cent.
Explanation
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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
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