Question

Calculate Payroll An employee earns $20 per hour and 1.5 times that rate for all hours...

Calculate Payroll

An employee earns $20 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 60 hours during the week.

Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee’s federal income tax withheld is $322.

a. Determine the gross pay for the week.
$

If applicable, round your final answer to two decimal places.

b. Determine the net pay for the week.
$

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Homework Answers

Answer #1

Answer to question a:

Gross pay is the amount you owe to employees before withholding taxes and other deductions.

Wage payable = $20/hr

Wage for overtime= 1.5*20 = 30

Standard hours of work per week= 40

Excess hours worked during the week = 20

Gross pay for the week = (20*40) + (30*20) = 800+600 = 1400

Answer to question b:

Net pay is what an employee receives after deductions

Net pay= gross pay- deductions.

Social security tax rate= 6% = (6/100)*1400= 84

Medicare tax = 1.5%= (1.5/100)*1400= 21

Federal income tax withheld= $322

Net pay = gross pay- (social security tax+ medicare tax +federal income tax withheld)

              = 1400- (84+21+322) = 1400-427 = 973

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