Margaret's regular hourly wage rate is $20, and she receives an hourly rate of $30 for work in excess of 40 hours. During a January pay period, Margaret works 49 hours. Margaret's federal income tax withholding is $97, and she has no voluntary deductions. Compute Margaret's gross earnings and net pay for the pay period. Assume that the FICA tax rate is 7.65%. (Round the answers to 2 decimal places, eg. 15.25.) Gross earnings $ Net pay $ 1
Margaret's regular hourly wage rate is $20, and she receives an hourly rate of $30 for work in excess of 40 hours. During a January pay period, Margaret works 49 hours. Margaret's federal income tax withholding is $97, and she has no voluntary deductions. Compute Margaret's gross earnings and net pay for the pay period. Assume that the FICA tax rate is 7.65%. (Round the answers to 2 decimal places, eg. 15.25.) Gross earnings $ Net pay $ 1
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 5PB
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Question
![Margaret's regular hourly wage rate is $20, and she receives an hourly rate of $30 for work in excess of 40 hours. During a January pay
period, Margaret works 49 hours. Margaret's federal income tax withholding is $97, and she has no voluntary deductions.
Compute Margaret's gross earnings and net pay for the pay period. Assume that the FICA tax rate is 7.65%. (Round the answers to 2
decimal places, eg. 15.25.)
Gross earnings
$
Net pay
$
1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F05793d05-f36a-4c76-8925-dfe31b2ca1f1%2Fc310617c-a7f9-431e-a6d7-3bc5928bf1c8%2Fzftrz0n_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Margaret's regular hourly wage rate is $20, and she receives an hourly rate of $30 for work in excess of 40 hours. During a January pay
period, Margaret works 49 hours. Margaret's federal income tax withholding is $97, and she has no voluntary deductions.
Compute Margaret's gross earnings and net pay for the pay period. Assume that the FICA tax rate is 7.65%. (Round the answers to 2
decimal places, eg. 15.25.)
Gross earnings
$
Net pay
$
1
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