Question: help me fill in the net pay for the two Floatin. Away Company has three employees-a consultant, a computer programmer, and an administrator. The following
Floatin. Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: *For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $276.54 to 24% of the difference between the employee's amount subjoct to withholding and $1,692.00. Assume further that the social secunty tax rate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $81. Determine the gross pay and the net pay for each of the three employees for the current pay period, Assume the normal working hours in a weck are 40 hours. If required, round your answers to two decimal places
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
