What is the amount of this employee net pay

Assignment Help Accounting Basics
Reference no: EM132023782

Question - During the first week of January, an employee works 45 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $30 per hour, and her wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $95 in federal income taxes withheld. What is the amount of this employee's net pay for the first week of January?

$1,425.00

$204.01

$1,315.99

$1,220.99

$1,629.01

Reference no: EM132023782

Questions Cloud

Discuss the exertion of one of the given sources of power : Select four people currently in the media and discuss their exertion of one of the sources of power. Apply only one source of power to each of the four people.
Review the requirements of the project paper : Review the requirements of the Project Paper found under Assignments. Your are to propose a topic to write about that relates to any topic in this course.
Provide an efficient and optimum address allocation : CSC00240 – Data communication and Networks - Southern cross university - provide an efficient and optimum address allocation solution
What is the overall economic rate of return : On December 31, the shareholder sold all the shares for $16 per share. What is the overall Economic Rate of Return for this investment
What is the amount of this employee net pay : The employee has $95 in federal income taxes withheld. What is the amount of this employee's net pay for the first week of January
Discuss the potential customers for the product-service : Describe the product/service including the benefits of using the product/service. Discuss the potential customers for this product/service.
What is meant by the term break-even point : Companies such as Snowboard Company often want to know the sales required to break even, What is meant by the term break-even point
Briefly discuss how diversity might influence such abuse : Briefly discuss how diversity might influence (hinder or aid) such abuse. Explain the ethical implications of cultural abuse of leader/manager power.
Profit-maximizing quantity of output : Prove that this production function exhibits diminishing marginal product in both and . This is not the same thing as decreasing returns to scale.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Whizbang corporation discovered that hazardous waste

whizbang corporation discovered that hazardous waste material was buried on property it now owns by the previous owner.

  Estimate the cost of the inventory destroyed

On February 26 a hurricane destroyed the entire inventory stored in a warehouse owned by the Rockford Corporation.

  List two purposes of identify separate cost classification

Identify each of the five cost classifications discussed in the chapter.

  What is the product contribution margin ratio

ACECO markets a simple water control and timer that it mass-produces. What is the product's contribution margin ratio? (Round to nearest whole percentage)

  What will be the incremental effect on net income if this

what will be the incremental effect on net income if this segment is eliminated assuming the fixed expenses will be

  Clearly identify the requirements being addressed

Clearly identify the requirements being addressed. Show all calculations within the cells of an Excel spreadsheet. This means that you must use formulas and links so that the thought process can be examined. Make good use of comments to convey your t..

  Assume that the ratio of net sales assets for each company

Interpret the differences in the ratio of net sales to assets in terms of the operating characteristics of each of the respectivesegments.

  Prepare the formal statement of cash flows

Organique Trink Corporation's Comparative balance sheets and income statement for the current year below: Prepare formal Statement of Cash Flows for the year

  Assume the contract specified that nrc

Prepare the appropriate entries for both the lessee and lessor to record the second lease payment, executory costs, and depreciation (straight line) on December 31, 2011.

  Cost of direct material purchases

Independent of your answer to part "A," assume that Scot plans to produce 1,200,000 units of finished product for the quarter ended September 30.  If the firm desires to stock direct materials at the end of this period equal to 25% of current prod..

  You are the senior accountant responsible for recording

you are the senior accountant responsible for recording accrued liabilities at the end of the companys fiscal year.

  Explain how this change in accounting

On January 1, 2012, Gustin Inc. changed from the LIFO method of inventory pricing to the FIFO method.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd