Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

  1. What is the employee's gross pay?
  2. What is the net amount to be paid to the employee?
  3. What is the employer's portion of FICA?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Automotive Audits Principles And Practices

Authors: D. H. Stamatis

1st Edition

0367696592, 978-0367696597

More Books

Students also viewed these Accounting questions