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FINANCIAL - Google Sheets Show Me How Amazon.com Calculate Payroll An employee...

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Accounting

FINANCIAL - Google Sheets
Show Me How
Amazon.com
Calculate Payroll
An employee earns $44 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 $557.
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 week.
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Gross pay represents the total earnings of an employee for a specific pay period, prior to taxes and deductions. Net pay is also known as take-home pay.
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