An employee's rate of pay is $50.00 per hour, with time and a half for...
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Accounting
An employee's rate of pay is $50.00 per hour, with time and a half for all hours worked in excess of 40 during a week. The following data are available: Allowances claimed on W-4 4 Hours worked this week 52 F I T Withheld $ ? Social Security tax was withheld @ the rate of 6% on the 1st $ 117,000 Medicare tax was withheld @ the rate of 1.5 % The standard withholding allowance is $75 Based on this data, calculate the employee's net pay for the week. Show your calculations. Use the Wage Bracket Withholding table (Exhibit 3) on page 509 to calculate the Federal Income Tax withheld.
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