Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hal Stanton manages a Dairy King drive-in. His straight-time pay is $17 per hour, with time-and-a-half for hours in excess of 40 per week. Stanton's
Hal Stanton manages a Dairy King drive-in. His straight-time pay is $17 per hour, with time-and-a-half for hours in excess of 40 per week. Stanton's payroll deductions include withheld income tax of 30%, FICA tax, and a weekly deduction of $11 for a charitable contribution to United Way. Stanton worked 60 hours during the week. (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Compute Stanton's gross pay and net pay for the week. Assume earnings to date are $17,000. (Round all amounts to the nearest cent.) Begin by computing Stanton's gross pay for the week. Straight-time pay for 40 hours Overtime pay for 20 hours Gross Pay Compute Stanton's net pay for the week. (Round all amounts to the nearest cent) Gross pay Withholding deductions S 680.00 510.00 S 1,190.00 More Info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: 1,190 OASDI 6.2% on first $118,500 earned: Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000 OASDI 6.2% on first $118,500 earned: Medicare: 1.45% on all earnings; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 eamed. PrintDone Net (take-home) pay
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started