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Compute payroll

An employee earns $$20$ per hour and $1\mathrm{.}75$ times that rate for all hours in excess of $40$ hours per week. Assume that the employee worked $55$ hours during the week. Assume that the FICA tax rate is $7\mathrm{.}5\%$ and that federal income tax of $$305$ was withheld.

a$.$ Determine the gross pay for the week.

b$.$ Determine the net pay for the week. Round intermediate calculations and your final answer to the nearest cent, if rounding is required.

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a$.$ Gross pay $=$ Regular Working Hours $$ Regular Pay Rate $+$ Additional Hours $x$ Overtime Pay Rate

b$.$ Net pay is the gross pay minus the withholdings for federal, Medicare and social security taxes. Calculate Medicare and social security by multiplying the respective percentages with the gross pay.