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Calculate Payroll – Snyder Company Case
$2.00Calculate Payroll
Snyder Company has three employees—a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee:
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 from the wage bracket withholding table in Exhibit 3. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $70.
Determine the gross pay and the net pay for each of the three employees for the current pay period. If required, round your answers to two decimal places.
Consultant Computer Programmer Administrator Gross pay $ $ $ Net pay $ $ $ Calculate the net pay for both Jessica and Moses for March
$2.00Book mart has two employees in 2013. Jessica earns $4,500 per month and Moses, the manager, earns 11,000 per month. Neither is paid extra if they work overtime. Assume the social security tax rate is 6 percent on the first $110,000 of earnings and the Medicare tax rate is 1.5 percent on all earnings. The federal income tax withholding is 15 percent of gross earnings for Jessica and 20 percent for Moses. Both Jessica and Moses have been employed all year.
Required
1. Calculate the net pay for both Jessica and Moses for March
2. Calculate the net pay for both Jessica and Moses for December.
3. Is the net pay the same in March as December for both employees? Why or Why not?
4. What amounts will Book Mart report on the 2013 W-2�s for each employee?
Calculate the employee’s net pay for the week
$1.00An employee’s rate of pay is $40.00 per hour, with time and a half for all hours worked in excess of 40 during a week. The following data are available:
Allowances claimed on W-4 4
Allowance amount allowed: $70 ea.
Hours worked this week 50
Y T D Earnings prior $105,200
F I T Withheld $ 340.44 plus 28%
Social Security tax was withheld @ the rate of 6.2% on the 1st $ 106,400
Medicare tax was withheld @ the rate of 1.45 %Based on this data, calculate the employee’s net pay for the week. Show your calculations.
EX 11-8; Calculate payroll
$1.00An employee earns $60 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 55 hours during the week, Assume further that the social security tax rate was 6.0% the Medicare tax rate was 1.5%, and federal income tax to be withheld was $743.
A. Determine the gross pay for the week.
B. Determine the net pay for the week.Calculate Payroll of the employee
$1.00An employee earns $32 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 50 hours during the week, and that the gross pay prior to the current week totaled $46,400. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $423.
If required, round your answers to two decimal places.
a. Determine the gross pay for the week.
$b. Determine the net pay for the week.
$Question
$5.00Americans have become increasingly concerned about the rising cost of Medicare. In 1990, the average annual Medicare spending per enrollee was $3267; in 2003, the average annual Medicare spending per enrollee was $6883 (Money, Fall 2003). Suppose you hired a consulting firm to take a sample of fifty 2003 Medicare enrollees to further investigate the nature of expenditures. Assume the population standard deviation for 2003 was $2,200.
A. Calculate the standard error of the mean amount of Medicare spending for a sample of fifty 2003 enrollees (to 2 decimals).
B. What is the probability the sample mean will be within +/- $300 of the population mean (to 4 decimals)?
C. What is the probability the sample mean will be greater than $7500 (to 4 decimals)?
If the consulting firm tells you the sample mean for the Medicare enrollees it interviewed was $7500, would you question whether the firm followed correct simple random sampling procedures?
– Select your answer -Yes, because the probability of attaining that sample mean is very highYes, because the probability of attaining that sample mean is very lowNo, because the probability of attaining that sample mean is very highNo, because the probability of attaining that sample mean is very lowItem 4Question 2:
A market research firm conducts telephone surveys with a 38% historical response rate. What is the probability that in a new sample of 400 telephone numbers, at least 150 individuals will cooperate and respond to the questions? In other words, what is the probability that the sample proportion will be at least 150/400 = .375?
Calculate the probability to 4 decimals.
Question 3:
A random sample of the ages of 77 college students has a mean of 12. The population is known to be normal with a standard deviation, ?, of 5.
a. What is the standard error of the mean? (Round to 2 decimal places. Example: 3.87)
b. What is the margin of error, with 95% confidence? (Round to 2 decimal places. Example: 3.87)
Question 3:
You receive 100 yes responses on a survey of 436 people (n).
(Round your answers to two decimal places. Example: 1.51)
a. What is the point estimate of the proportion of the population (p) that would say yes?
b. Estimate the standard error of the population proportion.
c. Determine the 95% confidence interval.
,
Wage and Tax Statement Data on Employer FICA Tax
$7.50Ehrlich Co. began business on January 2, 2013. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required amounts. An employee who is hired in the middle of the month receives half the monthly salary for that month. All required payroll tax reports were filed, and the correct amount of payroll taxes was remitted by the company for the calendar year. Early in 2014, before the Wage and Tax Statements (Form W-2) could be prepared for distribution to employees and for filing with the Social Security Administration, the employees’ earnings records were inadvertently destroyed.
None of the employees resigned or were discharged during the year, and there were no changes in salary rates. The social security tax was withheld at the rate of 6.0% and Medicare tax at the rate of 1.5%. Data on dates of employment, salary rates, and employees’ income taxes withheld, which are summarized as follows, were obtained from personnel records and payroll records:
Required:
1. Calculate the amounts to be reported on each employee’s Wage and Tax Statement (Form W-2) for 2013. Enter amounts to the nearest cent if required. Enter all amounts as positive numbers.
Required:
1. Calculate the amounts to be reported on each employee’s Wage and Tax Statement (Form W-2) for 2013. Enter amounts to the nearest cent if required. Enter all amounts as positive numbers.
Employee Gross Earnings Federal Income Tax Withheld Social Security Tax Withheld Medicare Tax Withheld Arnett $ $ $ $ Cruz Edwards Harvin Nicks Shiancoe Ward $ $ 2. Calculate the following employer payroll taxes for the year: (a) social security; (b) Medicare; (c) state unemployment compensation at 5.4% on the first $10,000 of each employee’s earnings; (d) federal unemployment compensation at 0.8% on the first $10,000 of each employee’s earnings; (e) total.
(a) $ (b) $ (c) $ (d) $ (e) $ Ex 11-11; payroll tax entries
$2.00According to a summary of the payroll of Brooks Industries Co., $1,100,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also $50,000 was subject to state and federal unemployment taxes. A. Calculate the employer’s payroll taxes, using the following rates: state unemploment, 4.2%; federal unemployment 0.8%. B. Journalize the entry to record the accrual of payroll taxes.
Write a java program in Eclipse Indigo that calculates and prints the monthly paycheck for an employee
$5.00Write a java program in Eclipse Indigo that calculates and prints the monthly paycheck for an employee. The net pay is calculated after taking the following deductions:
FEDERAL INCOME TAX: 15%
STATE TAX: 3.5%
SOCIAL SECURITY TAX: 5.75%
MEDICARE/MEDICAID TAX: 2.75%
PENSION PLAN: 5%
HEALTH INSURANCE: $75.00The program should prompt the user to input the gross amount and the employee name. The output will be stored in a file. Format the output to have two decimal places. A sample output follows:
Bill Robinson
Gross Amount: $ 3575.00
FEDERAL INCOME TAX: $ 536.25
STATE TAX: $ 125.13
SOCIAL SECURITY TAX: $ 205.56
MEDICARE/MEDICAID TAX: $ 98.31
PENSION PLAN: $ 178.75
HEALTH INSURANCE: $ 75.00
NET PAY: $ 2356.00
