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John David has a regular hourly wage of $18 per hour. His overtime pay rate is time and a half. The FICA tax rate is 7.65%John gets paid every two weeks. For the first payroll period in January, John worked 84 hours of which 4 were overtime hours. John's federal income tax withholding is $420 and his state income tax withholding is $ 180. John has asked that $60 be withheld from his paycheck for savings bonds.

John David has a regular hourly wage of $18 per hour. His overtime pay rate is time and a half. The FICA tax rate is 7.65%John gets paid every two weeks. For the first payroll period in January, John worked 84 hours of which 4 were overtime hours. John's federal income tax withholding is $420 and his state income tax withholding is $ 180. John has asked that $60 be withheld from his paycheck for savings bonds.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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John David has a regular hourly wage of $18 per hour. His overtime pay rate is time and a half. The FICA tax rate is 7.65% John gets paid every two weeks. For the first payroll period in January, John worked 84 hours of which 4 were overtime hours. John's federal income tax withholding is $420 and his state income tax withholding is $ 180. John has asked that $60 be withheld from his paycheck for savings bonds. What is John's gross pay for the 2 week pay period? What is John's net pay for the 2 week period?
Transcribed Image Text:John David has a regular hourly wage of $18 per hour. His overtime pay rate is time and a half. The FICA tax rate is 7.65% John gets paid every two weeks. For the first payroll period in January, John worked 84 hours of which 4 were overtime hours. John's federal income tax withholding is $420 and his state income tax withholding is $ 180. John has asked that $60 be withheld from his paycheck for savings bonds. What is John's gross pay for the 2 week pay period? What is John's net pay for the 2 week period?
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