Homework Answers
1) Gross Pay = $2800
2) Net Pay = $1948
Notes
1) Gross Pay = Earnings for normal working hours + Earning for Overtime (bonus) = 1600+1200 = $2800
Earnings for normal working hours= 40*40 = $1600
Earning for Overtime (bonus) = (60-40)*40*1.5 = $1200
2) Net Pay = Gross Pay - Deductions = 2800-196-42-614 = $1948
Deductions for the week will include:
Social security tax = 2800*7% = 196
Medicare tax = 2800*1.5% = 42
Tax withheld = $614
Please comment in case of any issue and I will be happy to help.
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