Calculate Payroll An employee earns $40 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 55 hours during the week. Assume that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $575.

Calculate Payroll An employee earns $40 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 55 hours during the week. Assume that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $575 a. Determine the gross pay for the week. Note: If applicable, round your final answer to two decimal places b. Determine the net pay for the week. Feedback Check My Work Gross pay represents the total earnings of an employee for a specific pay period, prior to taxes and deductions. Net pay is also known as take-home pay Learning Objective 2