Accounting and Finance Foundations

Unit 8

Accounting and Finance Foundations Unit 8: Payroll 671

Payroll

20.4.7

Student Assignment

Chapter 2

20.4.6

Chapter 20

Federal Taxes

Use the wage bracket tables for income tax withholding available on pages 38-57 of the guide at http://

http://www.irs.gov/pub/irs-pdf/p15.pdf to determine the federal withholding tax for each employee based on the

individual’s allowances, marital status, and gross wages. Assume that the employees are all paid weekly.

Time Card Number

Number of

Allowances

Marital

Status

Wages

Federal Withholding Tax

1 3 M $311.00

2 2 M $421.00

3 5 S $288.00

4 4 M $530.00

5 1 S $462.00

6 0 S $444.00

7 5 M $528.00

8 2 S $490.00

9 4 S $445.00

10 0 M $444.00

Regular and Overtime Pay

1. If Joey’s regular pay rate is $10.60 an hour, how much would he make per hour in overtime if his
   overtime pay rate is time and a half?


2. Dee worked 7 hours at an overtime rate (time and a half). His regular rate is $15.47 an hour. How
   much is Dee’s overtime pay?


3. What would Alan’s total pay be if he worked 44 hours and is paid a regular rate of $12.50?


4. Chase’s regular pay rate is $17.89 an hour. In a week in which he worked 46.5 hours, how much
   did he make?


5. Scott worked 43.25 hours in one week. If Scott’s regular pay rate is $22.60 an hour, how much did
   he make?

20.4 Calculating Pay (cont’d)