An employee earns $36 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 55 hours 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 $518. a. Determine the gross pay for the week. $fill in the blank 1 If applicable, round your final answer to two decimal places. b. Determine the net pay for the week.
An employee earns $36 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 55 hours 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 $518. a. Determine the gross pay for the week. $fill in the blank 1 If applicable, round your final answer to two decimal places. b. Determine the net pay for the week.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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An employee earns $36 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 55 hours 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 $518.
a. Determine the gross pay for the week.
$fill in the blank 1
If applicable, round your final answer to two decimal places.
b. Determine the net pay for the week.
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