Compute Payroll An employee earns $22 per hour and 2 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 50 hours during the week. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $177.10. a. Determine the gross pay for the week. $ 1,320 ✔ b. Determine the net pay for the week. Round to two decimal places. X Feedback Check My Work Gloss 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.
Compute Payroll An employee earns $22 per hour and 2 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 50 hours during the week. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $177.10. a. Determine the gross pay for the week. $ 1,320 ✔ b. Determine the net pay for the week. Round to two decimal places. X Feedback Check My Work Gloss 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.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter11: Current Liabilities And Payroll
Section: Chapter Questions
Problem 4PB
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Transcribed Image Text:Compute Payroll
An employee earns $22 per hour and 2 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 50
hours during the week. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax
to be withheld was $177.10.
a. Determine the gross pay for the week.
1,320 ✔
b. Determine the net pay for the week. Round to two decimal places.
X
Feedback
Check My Work
Glass 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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