Question
Rick Davis, an employee of ABC Motors, worked 42 hours during the week of September 12 through 18. His rate of pay is $29.7 per
Rick Davis, an employee of ABC Motors, worked 42 hours during the week of September 12 through 18. His rate of pay is $29.7 per hour, and he receives time-and-a-half for work in excess of 40 hours per week. Rick is married and claims zero allowances on his W-4 form. Rick's YTD earnings before this pay period are $47,120, and his wages are subject to the following deductions: Federal income tax (use the table in Figure 3). Social Security tax at 6.2 percent, with a wage limit of $118,500. Medicare tax at 1.45 percent. Medical insurance premium (after tax), $75. United Way contribution, $24. Compute Rick's regular pay. Compute Rick's overtime pay. If required, round intermediate calculations and the final answer to the nearest cent and use the rounded answers in subsequent computations. Compute Rick's gross pay. If required, round intermediate calculations and the final answer to the nearest cent and use the rounded answers in subsequent computations. Compute Rick's net pay. If required, round intermediate calculations to the nearest cent and use them in subsequent computations. Round final answer to the nearest cent.
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