Question

Mr. Zee worked 48 hours during the week ended January 18, 2019. He is paid $12 per hour and is paid time and a half for all hours over 40 in a week. He had $100 withheld from his pay for federal income taxes and $20 withheld for health insurance. The combined social security and Medicare tax rate is 7.65%, and the federal and state unemployment tax rates are 0.6% and 3.8%, respectively. All earnings are taxable. What is the net pay for Mr. Zee’s current paycheck?

Answer 1

Answer:

=$524.81

Explanation:

Net pay = Earning -taxation

Calculating net pay: hour pay x hours worked

 = $12 x 40

 = $ 480

overtime pay =12 +(50/100x12)x 8

  =(12+6)x8

  =144

total earnings = $144+$ 480= $624

less deduction

social and medicare rate = 7.65 percent

federal and state unemployment rate =0.6 +3.8%

total deduction = 7.65 +O.6 + 3.8= 12.05 %

Actual deduction =12.05/100 x 624= 75.19

Net pay = $624- $75.19

 =$524.81