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An employee earns $16 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. r the employee worked 60 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 $258. a. Determine the gross pay for the week. 1120 If applicable, round your final answer to two decimal places. b. Determine the net pay for the week

An employee earns $16 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. r the employee worked 60 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 $258. a. Determine the gross pay for the week. 1120 If applicable, round your final answer to two decimal places. b. Determine the net pay for the week

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 1SEA: CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL TAXES Portions of the payroll register for...
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Calculate Payroll 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 60 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 $258. a. Determine the gross pay for the week. 1120 If applicable, round your final answer to two decimal places. b. Determine the net pay for the week.
Transcribed Image Text:Calculate Payroll 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 60 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 $258. a. Determine the gross pay for the week. 1120 If applicable, round your final answer to two decimal places. b. Determine the net pay for the week.
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