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An employee earns $26 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee
An employee earns $26 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 50 hours during the week, and that his gross pay prior to the current week totaled $62,000.00. Assume further that the social security tax rate was 6.0% (on earnings up to $90,000.00), the Medicare tax rate was 1.5% of the gross was pay, Federal income tax to be withheld was $350.00, and the FUTA was 1% and the SUTA 1.5% of his gross pay. Determine the gross pay for the week. Determine the total deductions from the employee's gross pay for week. Determine the net pay for the week. Determine the employer's payroll expense for the week. Determine the employer's total cost for the week
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