Accounting and Finance Foundations

Unit 8

Accounting and Finance Foundations Unit 8: Payroll 683

Payroll

B. Use this timesheet, which indicates the number of hours that you worked during your first week, to

calculate your regular earnings, overtime earnings, and gross pay for the pay period. (Show your work.)

Day Regular Time Worked Overtime Worked

Monday 8 3.25

Tuesday 8 1.5

Wednesday 8 0

Thursday 8 0

Friday 8 2

Regular earnings =

Overtime earnings =

Gross pay =

C. Based on your gross pay, what are your Social Security and Medicare taxes? (Assume that your Social

Security tax rate is 6.2% and your Medicare tax rate is 1.45%, and show your work.)

Social Security tax =

Medicare tax =

D. The following items are also deducted from your gross pay:

n    Federal taxes of $206

n    State tax at 2%

n    Local tax at 2%

n    School tax at 0.5%

n    Medical insurance premium of $57.25

n    Union dues of $7.25

Use the information provided to calculate your total deductions and net pay. (Be sure to include Social

Security and Medicare taxes, and show your work.)

Total deductions =

Net pay =

Open-Response Unit Assessment S/T Guide

Tasks (cont’d)