Question

# 1. Sam receives a regular wage of \$15 per hour for a 40 hour week. he...

1. Sam receives a regular wage of \$15 per hour for a 40 hour week. he receives one and one-half his regular hourly rate for hours over 40 per week and twice his normal rate for Sundays and holidays. Last week Sam worked 62 hours including 8 hours on a holiday. Calculate Sam's gross pay.

2. Calculate Sam's social security and Medicare tax.

3. Assume Sam's federal income tax is \$155, union dues are \$7 and life insurance is \$15.60. What is Sam's net paycheck?

1. Calculation of Sam's gross pay:

- Regular Pay: [\$15 * 40 hours] = \$600

- Overtime excluding holidays: [\$15 * 1.5 * 14 hours] = \$315

- Holiday Pay: [\$15 * 2 * 8 hours] = \$210

Gross Pay = [\$600 + \$315 + \$210] = \$1,125

2. Sam's Social Security [6.2%] and Medicare tax [1.45%] amounts to:

- Gross Pay * 7.65%

- \$1,125 * 7.65%

= \$86

3. Net Paycheck: Amount left after deduction of social security, medicare tax, federal income tax, other dues.

- [\$1,125 - \$86 - \$155 - \$7 - \$15.6]

Net Paycheck = \$861.4

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