employee earns $32 per hour and 1.5 tim

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Calculate Payroll
An employee earns $32 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 60 hours during the w
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 $515.
a. Determine the gross pay for the week.
If applicable, round your final answer to two decimal places.
b. Determine the net pay for the week.
Transcribed Image Text:Calculate Payroll An employee earns $32 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 60 hours during the w 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 $515. a. Determine the gross pay for the week. If applicable, round your final answer to two decimal places. b. Determine the net pay for the week.
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