1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
stiv31 [10]
3 years ago
13

Calculate Payroll An employee earns $44 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume th

at the employee worked 60 hours during the week, and that the gross pay prior to the current week totaled $63,800. 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 $708.a. Determine the gross pay for the week.$If applicable, round your final answer to two decimal places.b. Determine the net pay for the week.$
Business
1 answer:
Ket [755]3 years ago
3 0

Answer:

The correct answer for option (a) is $3,080 and for option (b) is $2,141.

Explanation:

(a). Current pay = $44

After 40 hours, Pay = $44 × 1.5 = $66

So, we can calculate the gross pay by using following formula:

Gross pay = (40 hours × $44 ) + (20 hours × $66)

= $1,760 + $1,320

= $3,080

(b).

Security Tax = Gross pay × 6% =  $3,080 × 6% = $184.8

Medicare Tax = Gross pay × 1.5% =  $3,080 × 1.5% = $46.2

Federal Income Tax = $708

So, we can calculate the net pay by using following formula:

Net Pay = $3,080 - $184.8 - $46.2 - $708

= $2,141

You might be interested in
The "invisible hand"
Gala2k [10]
Not guarantee that resources will be allocated efficiently nor that there will be equality.
6 0
3 years ago
Which action will be least helpful if youve been the victim of identity theft
xxTIMURxx [149]
The action that will be the least helpful if you've been the victim of an identity theft is to withdraw your money from all accounts.
This is not something you should do if this happens to you - but rather report this fraud to the officials so that they can fix this for you. They will be able to give you your last credit report and contact any company where you have money so as to let them know to freeze your account for a while until this get solved.
3 0
3 years ago
Is your place of work a business or a non profit organization ?
bixtya [17]

Answer:

my place of work is a business

3 0
3 years ago
11. What are assets?
vampirchik [111]
Financial accounting, an asset is any resource owned by a business or an economic entity. It is anything that can be owned or controlled to produce value and that is held by an economic entity and that could produce positive economic value.
I hope this helps
7 0
3 years ago
Read 2 more answers
As a general rule concerning job offers, it can be said that __________. select one:
AlladinOne [14]
As a general rule concerning job offers, it can be said that <span>"competitive" job offers tend to leave room to negotiate</span>. When a company decides they want to hire a person, they make a job offer that lays out what they are giving the person in return for their employment. They explain the benefits and their job duties. Because job offers are competitive they leave room for the person being hired to negotiate terms before they both agree on them. 
7 0
3 years ago
Other questions:
  • What is your best estimate of the elasticity of demand for gasoline? Is it inelastic or elastic? Explain what these terms mean.
    14·1 answer
  • A funding source that makes it easier for entrepreneurs to get money with favorable terms is referred to as:
    5·1 answer
  • 1. Which of the following would a person who works in trade labor enjoy doing? Select all that apply.
    10·2 answers
  • If you report less than $50,000 in federal payroll tax in a look back period, you must make your tax deposit by what day of the
    13·1 answer
  • When Walmart threatens to punish or punishes the other channel member for not undertaking certain tasks, such as if it were to d
    9·1 answer
  • On July 1, 2019, Cullumber Company pays $12,000 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fis
    9·1 answer
  • The concept of materiality:
    7·1 answer
  • Analysts project the following cash flows for Hopkin’s Corporation during the next three years: Year 1: – $27 million (this is n
    8·1 answer
  • Suppose you take out a car loan of $10,000 with an interest rate of 12% compounded monthly. you will pay off the loan over 48 mo
    13·1 answer
  • The viability of insurance products sold to businesses
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!