An employee receives an hourly rate wage of $24, with time and a half for All hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 45; federal income tax withheld $133; social security tax rate, 6.0%; Medicare tax rate 1.5%; State unemployment compensation tax, 3.4% on the first $7,000; and federal unemployment compensation tax 0.8% on the first $7,000. What is the net amount to be paid to the employee around your answer to the nearest cent.
An employee receives an hourly rate wage of $24, with time and a half for All hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 45; federal income tax withheld $133; social security tax rate, 6.0%; Medicare tax rate 1.5%; State unemployment compensation tax, 3.4% on the first $7,000; and federal unemployment compensation tax 0.8% on the first $7,000. What is the net amount to be paid to the employee around your answer to the nearest cent.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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An employee receives an hourly rate wage of $24, with time and a half for All hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 45; federal income tax withheld $133; social security tax rate, 6.0%; Medicare tax rate 1.5%; State
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