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eBook Show Me How Video Print ltem Compute payroll An employee earns $20 per...

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Accounting

eBook
Show Me How Video
Print ltem
Compute payroll
An employee earns $20 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 55 hours during the week. Assume that the FICA tax rate is 7.5% and that federal income tax of $305 was withheld.
a. Determine the gross pay for the week.
b. Determine the net pay for the week. Round intermediate calculations and your final answer to the nearest cent, if rounding is required.
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a. Gross pay = Regular Working Hours Regular Pay Rate + Additional Hours x Overtime Pay Rate
b. Net pay is the gross pay minus the withholdings for federal, Medicare and social security taxes. Calculate Medicare and social security by multiplying the respective percentages with the gross pay.
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