Answer:
Particulars | Hours(a) | Hourly Rate(b) | Amount$(a)*(b) | Amount$ |
Regular Pay | 40 | 12 | 480 | |
Overtime Pay | 10 | 18 | 180 | |
Gross Pay | 660 | |||
FICA Social Security Tax Deduction | 40.92 | |||
FICA Medicare Tax Deduction | 9.57 | |||
Income Tax Deduction | 48 | |||
Total Deductions | 98.49 | |||
Net Pay | 561.51 |
Working Notes |
Overtime Hours=Hours Worked-Regular Hours |
=50-40 |
=10 |
FICA Social Security Deduction |
=Gross Pay*6.2% |
=660*6.2% |
=40.92 |
FICA Medicare Tax Deduction |
=Gross Pay*1.45% |
=660*1.45% |
=9.57 |
Income Tax Deduction |
For Gross pay of at least 660 but less than 670 and number of withholding allowance are 4 |
=48 |
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