An employee earns $28 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 55 h

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An employee earns $28 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 55 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 $403. 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. $

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1 answer:

Gemiola [76] · Answer 1 · 2022-01-23T10:26:14+03:00

Answer: Gross pay- $1750.00

Net pay - $1,215.75

Explanation: Gross pay = Nomal time =$28*40= $1,120. Overtime = $28*1.5*15= $630 Total= $1,750

Net pay = $1,750 less Security tax, Medicare tax, federal income tax withheld.

$1750* 6.0%= $105

$1750* 1.5% = $26.25

Tax withheld= $403

Net pay= $1,750-$105-$26.25-$403

= $1,215.75