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During the first week of January, an employee works 50 hours. For this company, workers earn 150% of their regular rate for hours in
During the first week of January, an employee works 50 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $20 per hour, and her wages are subject to no deductions other than FICA Social Security, FICA Medicare and federal income taxes. The tax rate for Social Security is 6.2% of the first $128.400 earned each calendar year and the FICA tax rate for Medicate is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4% Both unemployment taxes are appled to the first $7.000 of an employee's pay. The employee has $84 in federal income taxes withheld. What is the amount of this employee's net pay for the first week of January? (Round your intermediate calculations to two decimal places.)
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