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jasenka [17]
3 years ago
10

An employee earns $24 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 50 h

ours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee’s federal income tax withheld is $304.
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:
Anettt [7]3 years ago
3 0

Answer:

a. Gross pay = $1,320

b. Net pay = $917

Explanation:

a. Determine the gross pay for the week. $ If applicable, round your final answer to two decimal places.

Pay for 40 hours = 40 * $24 = $960

Pay for excess of 50 hours = (50 - 40) * $24 * 1.5 = $360

Gross pay = $960 + $360 = $1,320

b. Determine the net pay for the week.

Net pay = $1,320 - ($1,320 * 6.0%) - ($1,320 * 1.5%) - $304 = $917.

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