An employee earns $24 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 $386. 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. %24
An employee earns $24 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 $386. 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. %24
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 7E
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![An employee earns $24 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 $386.
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9e9bcea8-2108-424e-82d9-96d70fdb2eed%2F9fcb6874-aa17-4a8e-8a00-b902e6951a4f%2F4c6s58_processed.png&w=3840&q=75)
Transcribed Image Text:An employee earns $24 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 $386.
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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