7.2 Modeling Tax Schedules 1. Tony makes an hourly salary of $10.50 for 40 regular hours of work. For any time worked beyond 40 hours, he is paid at a rate of time-and-a-half per hour. Last week, Tony worked 52 hours. Find each of the following for this period. a. Tony's gross pay b. Social Security tax (6.2%) c. Medicare tax (1.45%)

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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7.2 Modeling Tax Schedules
1. Tony makes an hourly salary of $10.50 for 40 regular hours of work. For any time worked
beyond 40 hours, he is paid at a rate of time-and-a-half per hour. Last week, Tony worked 52
hours. Find each of the following for this period.
a. Tony's gross pay
b. Social Security tax (6.2%)
c. Medicare tax (1.45%)
Transcribed Image Text:7.2 Modeling Tax Schedules 1. Tony makes an hourly salary of $10.50 for 40 regular hours of work. For any time worked beyond 40 hours, he is paid at a rate of time-and-a-half per hour. Last week, Tony worked 52 hours. Find each of the following for this period. a. Tony's gross pay b. Social Security tax (6.2%) c. Medicare tax (1.45%)
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