Question: Exercise 9-18A Computing gross and net pay LO P5 Lenny Florita, an unmarried employee, works 45 hours in the week ended January 12. His pay

Exercise 9-18A Computing gross and net pay LO P5 Lenny Florita, an unmarried employee, works 45 hours in the week ended January 12. His pay rate is $14 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims four withholding allowances. Compute his regular pay, overtime pay (Lenny earns $2100 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion), income tax deduction (use the wage bracket withholding table from Exhibit 9A 6. total deductions, and net pay. (Round your intermediate calculations and final answers to 2 decimal places.) 0.00 Hours Hourly Rate Regulat pay Overtime pay Gross pay FICA Social Security tax deduction FICA Medicare tax deduction income tax deduction Total deductions 0.00 Net Day

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Exercise 11-18A Computing gross and net pay LO P5 Lenny Florita, an unmarried employee, works 46 hours in the week ended January 12. His pay rate is $13 per hour, and his wages have deductions for...

Exercise 9-18A Computing gross and net pay LO P5 Lenny Florita, an unmarried employee, works 46 hours in the week ended January 12. His pay rate is $13 per hour, and his wages have deductions for...

Exercise 9-18A Computing gross and net pay LO P5 Lenny Florita, an unmarried employee, works 48 hours in the week ended January 12. His pay rate is $14 per hour, and his wages have deductions for...

Exercise 9-18A Computing gross and net pay LO P5 Lenny Florita, an unmarried employee, works 47 hours in the week ended January 12. His pay rate is $12 per hour, and his wages have deductions for...

You received partial credit in the previous attempt. Check my work View previous attempt Exercise 9-18A Computing gross and net pay LO P5 Lenny Florita, an unmarried employee, works 46 hours in the...

xercise 9-18A Computing gross and net pay LO P5 Lenny Florita, an unmarried employee, works 48 hours in the week ended January 12. His pay rate is $12 per hour, and his wages have deductions for FICA...

If the wages are- But less | At least than SINGLE Persons-WEEKLY Payroll Period And the number of withholding allowances claimed Is- 1 | 2 | 3 4. 7. | The amount of Income tax to be withheld is- 0 |...

Exercise 9-20A (Static) Computing gross and net pay LO P5 Lenny Florita, an unmarried employee, works 48 hours in the week ended January 12 . His pay rate is $14 per hour, and his wages have...

Exercise 11-20A (Algo) Computing gross and net pay LO P5 Lenny Florita, an unmarried employee, works 45 hours in the week ended January 12 . His pay rate is $14 per hour, and his wages ha deductions...

Check my wor Exercise 11-18A Computing gross and net pay LO P5 Lenny Florita, an unmarried employee, works 52 hours in the week ended January 12. His pay rate is $12 per hour, and his wages have...

The balance sheet of Watson Company as of December 31, 20X1, follows. The following information has been extracted from the firm's accounting records: All sales are made on account at $20 per unit....

Belissimo Inc. is an Italian company that has corporate bonds in its capital structure. The bonds make annual payments to their owners, called coupon payments. The par value for each bond is 1,000....

On December 1 9 , 2 0 2 2 , Logo Incorporated, an accrual basis corporation, accrued $ 5 0 , 0 0 0 compensation expense for a routine year - end bonus payable to Mr . Craig, who is Logo's CFO. Logo...

Rose, a new employee, learns her company provides a group insurance plan that she can enroll in . Her friend, Gary, suggests that Rose would save money if she chooses to purchase an individual...

Where do you learn and work best? Where will you physically undertake your writing? What steps do you need to take to have the space to write without distractions?

What written reports about your research are required by your study centre, employer, or other sponsor or client? How clear are you about the required length, format and content required by these...

When data are presented in the findings it is important to: a Include information about sample and response sizes. b Conceal data that do not fit what you hope to show. c Leave out information about...