Calculate Payroll
K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee:
Consultant Computer Programmer Administrator
Regular earnings rate $2,010 per week $30 per hour $42 per hour
Overtime earnings rate Not applicable 2 times hourly rate 1.5 times hourly rate
Federal income tax withheld $910 $251
$495 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 55 hours and the administrator worked 65 hours. Assume further that the social security tax rate was 6%, and the Medicare tax rate was 1.5%.
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 week are 40 hours. If required, round your answers to two decimal places.
Consultant Computer Programmer Administrator
Gross pay $ $ $
Net pay $ $ $
Consultant | Computer Programmer | Administrator | |
Gross pay | $2,010 | $2,100 | $3,255 |
Net pay | $949.25 | $1,691.50 | $2,515.88 |
.
.
Consultant | Computer Programmer | Administrator | |
Normal wages (a) | $2,010 |
$1,200 [40 hours x $30 per hour] |
$1,680 [40 hours x $42 per hour] |
Overtime wage (b) | $0 |
$900 [(55 hours - 40 hours) x ($30 per hour x 2)] |
$1,575 [(65 hours - 40 hours) x ($42 per hour x 1.5) |
Gross pay (c = a + b) | $2,010 | $2,100 | $3,255 |
Withholding federal income tax (d) | $910 | $251 | $495 |
Social security tax (gross wages x 6%) (e = Gross pay x 6%) |
$120.60 [$2,010 x 6%] |
$126.00 [$2,100 x 6%] |
$195.30 [$3,255 x 6%] |
Medicare tax (gross wages x 1.5%) (f = Gross pay x 1.5%) |
$30.15 [$2,010 x 1.5%] |
$31.50 [$2,100 x 1.5%] |
$48.825 [$3,255 x 1.5%] |
Net pay (c - d - e - f) | $949.25 | $1,691.50 | $2,515.875 |
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