An employee earns $16 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 50 hours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee’s federal income tax withheld is $202. a. Determine the gross pay for the week.fill in the blank 1 of 2$ b. Determine the employee’s net pay for the week. When required round interim computations to two decimal places. Round your final answer to two decimal places.fill in the blank 2 of 2$
An employee earns $16 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 50 hours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee’s federal income tax withheld is $202. a. Determine the gross pay for the week.fill in the blank 1 of 2$ b. Determine the employee’s net pay for the week. When required round interim computations to two decimal places. Round your final answer to two decimal places.fill in the blank 2 of 2$
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 16MC: An employee earns $8,000 in the first pay period. The FICA Social Security Tax rate is 6.2%, and the...
Related questions
Question
An employee earns $16 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 50 hours during the week.
Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee’s federal income tax withheld is $202.
a. Determine the gross pay for the week.
fill in the blank 1 of 2$
b. Determine the employee’s net pay for the week. When required round interim computations to two decimal places. Round your final answer to two decimal places.
fill in the blank 2 of 2$
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