Complete the following table (assume the overtime for each employee is a time-and-a-half rate after 40 hours): (Do ne Intermediate calculations. Round your "overtime rate" and "gross earnings" to the nearest cent.) Total Total Gross regular hours overtime Regular Employee MTW Th F Sa hours rate Overtime rate earnings Ryan 12 8 10 8 6 3 40 $7.80

Complete the following table (assume the overtime for each employee is a time-and-a-half rate after 40 hours): (Do ne Intermediate calculations. Round your "overtime rate" and "gross earnings" to the nearest cent.) Total Total Gross regular hours overtime Regular Employee MTW Th F Sa hours rate Overtime rate earnings Ryan 12 8 10 8 6 3 40 $7.80

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Find the number of regular hours and the overtime hours (hours over 40) for the employee. Then calculate the overtime rate (time and a half) for the employee. Name M T. Th F Reg. Hrs. O.T. Hrs. Reg. Rate O.T. Rate Damon, T. 3 9 5 $7.32 --- ..... What is the number of regular hours worked by Mr. Damon? hours How many overtime hours did Mr. Damon work? hours What was the overtime rate for Mr. Damon? $ (Round to the nearest cent.)
Next Question Find the overtime rate, the amount of earnings at regular pay, the amount at overtime pay hours. wages for the employee. Hours in excess of 40 are overtime Name M T w Th F Total Hrs. Reg. Hrs. O.T. Hrs. Bond. R. 7.7 8.9 5.5 4.3 4.5 9.1 ..... Reg. O.T. Gross Earnings Name Rate Rate Regular Overtime Total Bond, R. $7.46 $ I$ What was the overtime rate for Mr. Bond? (Round to the nearest cent.) What was the amount of earnings at Mr. Bond's regular pay? (Round to the nearest cent.) What was the amount of earnings at Mr. Bond's overtime pay? (Round to the nearest cent.)
Assume an employee has a gross pay of $500 and vacation pay is paid out at 4%. How much extra gross pay does the employee receive on their paycheque? Select one: a. $500 O b. $0 c. $20 d. $480
Required: 1. Compute Chin's regular pay, overtime pay, gross pay, and net pay. If required, round your answers to the nearest cent. 560 Regular pay Overtime pay 168 V Gross pay 728 Net pay Feedback Check My Work Gross pay is the sum of regular and overtime pay. Make sure you properly apply the overtime rate to the appl hourly rate. Net pay results after subtracting all applicable deductions. Some deductions are subject to a perce 2. Journalize the payment of his wages for the week ended January 31, crediting Cash for the net amount.
Calculate the normal and overtime wages payable to a worker from the following data: Days Hours worked Monday 10 Tuesday 7 Wednesday 12 Thursday 12 Friday 8 Saturday 4 Total (hrs) 53 Normal working hours 8 hours per day Normal rate P250 per hour Overtime rate up to 48 hours in a week at single rate and over 48 hours at double rate
Compute for the weekly earnings of each employee with a time and a half overtime pay. Total Hours Overtimehours Regular rate/hr Alma 40 5.5 P 320.00 Cindy 40 7 P 350.00 Susan 40 4.5 P 400.00 Determine the overtime pay, weekly earnings and total pay.
АCTIVITY 1.Some companies use the overtime premium method to determine gross earnings. Use this method to complete the following payroll ledger. Overtime is paid at the time-and-a-half rate for all hours over 40? O.T. Hours Worked Gross Earnings Total Reg. 0.T. Premium S Hours Rate Hours Rate Employee S M W TH F 0.T. Total 16. Averell, B. 10 9 8 5 12 7 51 $11.40 11 $5.70 $581.40 $62.70 $644.10 - 17. Brownlee, K. 7.75 10 5 9.75 8 10 $9.50 18. Carter, M. 12 11 8 8.25 11 $8.60 - |- 19. Parks, K. 8.5 5.5 10 12 10.5 7 $12.50 - 20. Parr, J. 10 9.75 9 11.5 10 $10.20
Problem 2. A weekly payroll summary made from time tickets shows the following data: A weekiy payroii su mai y mauv uv . Exemption Status S Number of Hours Rate/Hour Regular Overtime 40 40 + Employe Austria, B. Bautista, D. De Santos, M. Motus, R. Reyes, A. Classification Direct Direct Direct Indirect 36 36 МЕ 45 40 4 МЕ-2 30 40 4. Indirect HF 30 40 HF Overtime is payable at one-and-a-half times the regular rate of pay for an employee. Required • a) Determine the net pay for each employee. b) Prepare journal entries for: • recording the payroll. payment of the payroll. • distribution of the payroll. • the employer's payroll taxes.
Employees’ earnings and taxesA weekly payroll summary made from labor time records showsthe following data for Pima Company:HourlyRateHoursEmployee Classification Regular OvertimeTu, H. Direct $12 40 2Dante, J. Direct 12 40 3Jamal, M. Direct 15 40 4Marcus, L. Indirect 9 40Alexander, T. Indirect 18 40Overtime is payable at one-and-a-half times the regular rate of payand is distributed to all jobs worked on during the period.a. Determine the net pay of each employee. The income taxes withheldfor each employee amount to 15% of the gross wages.b. Prepare journal entries for the following:1. Recording the payroll.2. Paying the payroll.3. Distributing the payroll. (Assume that the overtime premiumwill be charged to all jobs worked on during the period.)4. The employer’s payroll taxes. (Assume that none of theemployees has achieved the maximum wage bases for FICAand unemployment taxes.)
5. An employee rendered the following hours per day in a week: Monday - 10 hours; Tuesday - 8 hours; Wednesday - 11 hours; Thursday - 10 hours; Friday - 9 hours; and Saturday - 5 hours. Condition is 8:00-12:00 1:00-5:00 M-F with time and three-fourth overtime rate. Regular rate is P75.00 per hour. Compute for the total earnings of the employee for the week.
Based on the information in the screenshot below, Shaniya's gross compensation for the period will be - (Assume overtime is paid at time and a half.) Run Payroll: Twice a month Pay from Cheding Pay period Pay date Bale $10.000.00 EMPLOYEE PAY METHOD SALARY REGULAR PAY H.. OT HIS PDTIME OFF.. MEMO Mark Abe Paper check $55.000.00/year Morters, Shaniya Paper check AD CD 2.00 530.00/hour Select one: a. $1,290 O b. $1,200 O c. $1,320 d. $1,260 TOTAL PAY Customize table TOTAL HIS 42.00
Problem 2. A weekly payroll summary made from time tickets shows the following data: A weekiy payroii su mai y mauv uv .- Exemption Status S Number of Hours Classification Direct Direct Rate/Hour Regular Overtime Employee Austria, B. Bautista, D. De Santos, M. Motus, R. Reyes, A. P. 36 40 36 40 3 ME МЕ-2 HF - 4 45 40 Direct Indirect Indirect 30 40 30 40 HF Overtime is payable at one-and-a-half times the regular rate of pay for an employee. Required a) Prepare journal entries for: • recording the payroll. > payment of the payroll. • distribution of the payroll. • the employer's payroll taxes.