Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. an employee earns $50 per hour and 2 times that ra

An employee earns $50 per hour and 2 times that rate for all hours in...

80.2K

Verified Solution

Question

Accounting

An employee earns $50 per hour and 2 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 50 hours during the week. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $686.

what is the gross pay of the week?

what is the net pay of the week?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A small retail business has determined that the correlation coefficient between monthly expenses and profits...

Calculus
Q

A.I need to calculate the number of moles Al,S, and O atoms in 4.00 moles of...

Chemistry
Q

This chapter presented a variety of basic plant defenses. Using any plant of your choosing, explain...

Biology
Q

Each of these scenarios requires you to determine what the best source for a suitable candidate...

General Management
Q

The Master (Static) budget for Jack Daniels Inc. is presented below. For June, Jack Daniels Inc....

Accounting
Q

H 0 0 This is a two tailed Correct Answer Ho 0 0 H 0...

Statistics
Q

The graph of a polynomial of degree 5 is given t 5 Zeros Select 10...

Calculus
Q

Evaluate the following indefinite integral 4x 3 3 dx 4x dx 3 3

Calculus
Q

Determining Lease Type and Recording Journal Entries-Lessee and Lessor zero residual value at...

Accounting
Q

Following are four graphs representing various cost behaviors. 1. Identify whether the cost behavior in...

Accounting
Q

Briefly discuss the methods used in determining an organizations cost of capital and the value...

Accounting
Q

2. When using the stable growth model for terminal value calculations; name 3 considerations that...

Finance