Ask Question
15 November, 16:53

An employee earns $28 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 $403. 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. $

+4
Answers (1)
  1. 15 November, 19:25
    0
    Answer: Gross pay - $1750.00

    Net pay - $1,215.75

    Explanation: Gross pay = Nomal time = $28*40 = $1,120. Overtime = $28*1.5*15 = $630 Total = $1,750

    Net pay = $1,750 less Security tax, Medicare tax, federal income tax withheld.

    $1750 * 6.0% = $105

    $1750 * 1.5% = $26.25

    Tax withheld = $403

    Net pay = $1,750-$105-$26.25-$403

    = $1,215.75
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “An employee earns $28 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 ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers