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An employee receives an hourly rate of $132, with time and a half for all hours worked in excess of 40 during a week. Payroll
An employee receives an hourly rate of $132, with time and a half for all hours worked in excess of 40 during a week.
Payroll data for the current week are as follows: hours worked, 53; federal income tax withheld, $463; cumulative earnings for year prior to current week, $141,005; social security tax rate, 6.2% on maximum of $142,800; and Medicare tax rate, 1.45% on all earnings.
***Use decimals, round to nearest cent.
- What is the employee's gross pay?
- What is the net amount to be paid to the employee?
- What is the employer's portion of FICA?
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