In this chapter and in all succeeding work throughout the course, unless instructed otherwise, use the following
Question:
1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the over-time rate).
2. If the third decimal place is 5 or more, round to the next higher cent.
3. If the third decimal place is less than 5, simply drop the third decimal place.
Examples: Monthly rate $1,827
Weekly rate ($1,827 Ã 12)/52 = $421.615 rounded to $421.62
Hourly rate $421.62/40 = $10.540 rounded to $10.54
O.T. rate $10.54 Ã 1.5 = $15.81
Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow.
*Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self employed.
Wallington Company has 100 employees, each earning $525.25 a week.
Empty Fields Company pays its salaried employees monthly on the last day of each month. The annual salary payroll for 20-- follows. Compute the following for the payroll of December 31:
If required, round your answers to nearest cent and use the rounded answers in subsequent computations. Round your final answers to the nearest cent.
Employer's OASDI Tax $
Employer's HI Tax $
Step by Step Answer:
Financial reporting, financial statement analysis and valuation a strategic perspective
ISBN: 978-0324789416
7th Edition
Authors: James M Wahlen, Stephen P Baginskl, Mark T Bradshaw