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Obj. 2 An employee earns $24 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 43 hours during the week. Assume that the FICA tax rate is 7.5% and that federal income tax of $300 was withheld. a. Determine the gross pay for the week. b. Determine the net pay for the week. SHOW ANSWER

Obj. 2 An employee earns $24 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 43 hours during the week. Assume that the FICA tax rate is 7.5% and that federal income tax of $300 was withheld. a. Determine the gross pay for the week. b. Determine the net pay for the week. SHOW ANSWER

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 10PA: Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and...
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E8-5 Compute Payroll Obj. 2 An employee earns $24 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 43 hours during the week. Assume that the FICA tax rate is 7.5% and that federal income tax of $300 was withheld. a. Determine the gross pay for the week. b. Determine the net pay for the week. SHOW ANSWER
Transcribed Image Text:E8-5 Compute Payroll Obj. 2 An employee earns $24 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 43 hours during the week. Assume that the FICA tax rate is 7.5% and that federal income tax of $300 was withheld. a. Determine the gross pay for the week. b. Determine the net pay for the week. SHOW ANSWER
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