Answered

Welcome to Westonci.ca, where finding answers to your questions is made simple by our community of experts. Get the answers you need quickly and accurately from a dedicated community of experts on our Q&A platform. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.

An employee earns $28 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 46 hours during the week. Assume that the FICA tax rate is 7.5% and that federal income tax of $200 was withheld. a. Determine the gross pay for the week. $fill in the blank 1 b. Determine the net pay for the week. Round intermediate calculations and your final answer to the nearest cent. $fill in the blank 2

Sagot :

Answer and Explanation:

a. The computation of the gross pay for the week is shown below

Regular pay ($28 ×40 hours) $1,120

Overtime pay (6 hours × $28 × 1.5) $252

Total gross pay $1,372

b. The computation of the net pay for the week is given below:

Gross pay $1,372

Less:

FICA ($1,372 × 7.5%) $103

Federal income tax $200

Net pay $1069.10

Thanks for using our platform. We're always here to provide accurate and up-to-date answers to all your queries. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Keep exploring Westonci.ca for more insightful answers to your questions. We're here to help.