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Keith_Richards [23]
3 years ago
10

Martin Jackson receives an hourly wage rate of $30, with time and a half for all hours worked in excess of 40 hours during a wee

k. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $350; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the net amount to be paid to Jackson?
Social Studies
1 answer:
Maksim231197 [3]3 years ago
7 0

Answer: the correct answer is $1,009.75

Explanation:

Gross Pay = Earnings at Regular Rate + Earnings at Overtime Rate

Gross Pay = [($30 × 40) + ($30 × 1.5 × 6)] = $1,470

Net Pay = Gross Pay - (Federal Income Tax + Social Security Tax + Medicare Tax)

Net Pay = $1,470 - [$350 + ($1,470 × 6.0%) + ($1,470 × 1.5%)] = $1,009.75

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