An hourly employee is paid $30/hour for a 40 hour week. Overtime is paid at time-and-a-half...
An hourly employee is paid $30/hour for a 40 hour week. Overtime is paid at time-and-a-half for hours worked in excess of 40 hours. In the prior week, the employee worked 48 hours. Federal income taxes of $250 were withheld, and state income taxes of $40 were withheld. FICA taxes of 6.2% (Social Security) and 1.45% (Medicare) were also withheld.
What is the weekly gross pay amount or this employee? What is the weekly net pay amount for this employee?
Homework Answers
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Gross pay = (40*30) + (48-40)*30*1.5 = 1560 |
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Net pay = 1560 - 250 - 40 - [1560 * (6.2+1.45)%] = 1150.66 |
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| Comment if you face any issues |
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