An employee receives an hourly wage rate of $23, 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, 43; 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? Round your answer to the nearest cent.
Net amount to be paid to the employee: | |||||||
$ | $ | ||||||
Gross wages: | |||||||
Regular earnings | (40*23) | 920 | |||||
Overtime earnings | (43-40)*23*1.5 | 103.5 | |||||
Total | 1023.5 | ||||||
Less: | |||||||
Federal income tax withheld | 133 | ||||||
Social security tax | (1023.50*6%) | 61.41 | |||||
Medicare tax | (1023.50*1.5%) | 15.35 | 209.76 | ||||
Net amount to be paid to the employee | 813.74 | ||||||
state unemployment compensation tax and federal unemployment compensation tax are the liability of the employer | |||||||
An employee receives an hourly wage rate of $23, with time-and-a-half for all hours worked in...
An employee receives an hourly wage rate of $21, 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, 43; federal income tax withheld, $131; cumulative earnings for the year prior to this week, $24,157; 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 %...
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