Question

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?

Answer #1

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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