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Gross Pay, Deductions, and Net Pay

Donald Chin works for Northwest Supplies. His rate of pay is $8.50 per hour, and he is paid 1 times the regular rate for all hours worked in excess of 40 per week. During the last week of January of the current year, he worked 48 hours. Chin is married and claims three withholding allowances on his W-4 form. His weekly wages are subject to the following deductions:

1. Employee federal income tax (Tax Tables: Refer to Figure 8-4 in the text.)
2. Social Security tax at 6.2%
3. Medicare tax at 1.45%
4. Health insurance premium, $85.00
5. Credit union, $125.00
6. United Way contribution, $10.00

Required:

1.Compute Chin's regular pay, overtime pay, gross pay, and net pay. If required, round your answers to the nearest cent.

FIGURE 8-4 Federal Withholding Tax Table: Single Persons SINGLE Persons-WEEKLY Payroll Period (For Wages Paid through December 31, 2015) And the wages are- And the number of withholding allowances claimed is- At least But less 2 3 4 5 6 7 8 9 10 0 than The amount of income tax to be withheld is- $300 $310 $30 $19 $11 310 320 32 320 330 33 330 340 35 340 350 36 350 360 38 360 370 39 370 380 41 380 390 42 390 400 44 400 410 410 420 420 430 48 430 440 50 440 450 51 NOGAG NOOO NOGAW NOOO OOOOO OOoo DOONOGI AWN-. OOO OOO OOO OOOoo COMEN BONDG AONTO CONOUI AWN-O OOOOO Good " 898 8NMNN NONO GAG 8 888 8 982828 MEN8 450 460 53 460 470 54 470 480 480 490 490 500 59 500 510 60 510 520 62 520 530 63 530 540 65 540 550 66 550 560 68 560 570 570 580 580 590 72 590 600 74\fGross Fay, Deductions and Net Fay 1 . Compute Chin's regular pay , overtime pay , gross pay , and net pay . If required , round your answers to the nearest cent . Regular pay Overtime pay Gross Pay Net pay fit