Note: In this chapter and in all succeeding work throughout the course, unless i

Question

Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise, calculate hourly rates and overtime rates as follows: Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). If the third decimal place is 5 or more, round to the next higher cent. If the third decimal place is less than 5, simply drop the third decimal place. Examples: Monthly rate $1,827 1. 2. 3. Weekly rate ($1,827 x 12)/52 -$421.615 rounded to $421.62 Hourly rate $421.62/40 $10.540 rounded to $10.54 o.T. rate $10.54 x 1.5 $15.81 Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow.

Explanation / Answer

Gross Pay = 360+700 = 1060$

Feederal income tax = 10% of 1060 = 106$

Social Security taxes OASDI= 6.2% *1060 = 65.72$

Social Security taxes HI= 6.2% *1060 = 65.72$

State income tax = 2% of 1060 = 21.2$

So Net pay = 1060-106-65.72-65.72-21.2 =801.36$

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