Determine the net pay and gross pay for the week.

Assignment Help Financial Accounting
Reference no: EM131202810

An employee earns $44 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 60 hours during the week, and that the gross pay prior to the current week totaled $63,800. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $759.

a. Determine the gross pay for the week. $

If applicable, round your final answer to two decimal places.

b. Determine the net pay for the week. $

Reference no: EM131202810

Questions Cloud

Determine any adverse tax consequences : Choice inc, Sec 501(c) (3) organization pays unreasonable compensation to Kayla, the CFO of Choice. Kayla’s compensation is $750,000. Assume reasonable compensation would be $600,000. Determine any adverse tax consequences for Choice Inc. Determine a..
Decides to use a job order cost system : Dieker Company begins operations on January 1. Because all work is done to cus-tomer speci?cations, the company decides to use a job order cost system. Prepare a ?ow-chart of a typical job order system with arrows showing the ?ow of costs. Identify t..
Annual depreciation expense : A machine cost $300,000, has annual depreciation expense of $60,000, and has accumulated depreciation of $150,000 on December 31, 2017. On April 1, 2018, when the machine has a fair value of $120,000, it is exchanged for a similar machine with a fair..
Distinguish between managerial and ?nancial accounting : “Managerial accounting is a ?eld of accounting that provides economic information for all inter-ested parties.” Do you agree? Explain. (b) Joe Delong believes that managerial accounting serves only manufacturing ?rms. Is Joe correct? Explain. Disting..
Determine the net pay and gross pay for the week. : An employee earns $44 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 60 hours during the week, and that the gross pay prior to the current week totaled $63,800. Determine the gross pay ..
What is the corporations taxable income : The Jingle Corporation has income from operations of $459,000. It has dividend income of $68,000 from a corporation in which it owns 5 percent. a. What is the corporation’s taxable income? $ b. How would your answer change if Jingle owns 35 percent o..
Prepare a statement of cash flows using the indirect method : Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 101,000 $ 60,500 Accounts receivable 109,750 47,500 Inventory 140,625 128,563 Prepaid expenses 35,500 32,500. New plant assets ..
Calculate the percentage change in operating income : Golding Company has decided to offer two types of computers: All-in-One desktops and Laptops. Golding provided the following unit data for each product: All-in-One Laptop Price $640 $400 Unit Variable Cost $520 $304 Projected Sales (units) 2,000 1,00..
Regarding overhead costs as volume increases : Regarding overhead costs, as volume increases:

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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