Strategem Business Consultants has three employeesa consultant, a computer programmer, and an administrator. The following payroll information
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For the current pay period, the computer programmer worked 48 hours and the administrator worked 45 hours. The federal income tax withheld for all three employees, who are single, can be determined from the wage bracket withholding table in Exhibit 3 in the chapter. Assume further that the social security tax rate was 6.0% on the first $100,000 of annual earnings, the Medicare tax rate was 1.5%, and one withholding allowance is $63. Determine the gross pay and the net pay for each of the three employees for the current payperiod.
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Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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