An employee earns $36 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 60 hours during the week. Assume that the FICA tax rate is 7.5% and that federal income tax of $621 was withheld. a. Determine the gross pay for the week. b. Determine the net pay for the week. Round intermediate calculations and your final answer to the nearest cent, if rounding is required.

An employee earns $36 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 60 hours during the week. Assume that the FICA tax rate is 7.5% and that federal income tax of $621 was withheld. a. Determine the gross pay for the week. b. Determine the net pay for the week. Round intermediate calculations and your final answer to the nearest cent, if rounding is required.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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