please do the questions thanks eBook Show Me How Calculator Print Item Calculate
ID: 2596731 • Letter: P
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please do the questions thanks
eBook Show Me How Calculator Print Item Calculate Payroll An employee earns $20 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 60 hours during the week. Assume that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $322.00. a. Determine the gross pay for the week. if applicable, round your final answer to two decimal places. b. Determine the net pay for the weekExplanation / Answer
a. Gross pay for the week: $1,400
Regular wages = $20 x 40 hours = $800
Overtime wage rate = $20 x 1.5 = $30 per hour
Overtime wages = $30 x 20 hours = $600
Total wages = 800 + 600 = $1,400
b. Net pay for the week: $973
Social security tax withheld = 6.0% x $1,400 = $84
Medicare tax withheld = 1.5% x $1,400 = $21
Federal income tax withheld = $322
Total withholdings / deductions = 84 + 21 + 322 = $427
Net pay = Gross pay – Total deductions = $1,400 - $427 = $973
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