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Brief Exercise 10-5 Betsy Strand’s regular hourly wage rate is $32, and she receives an hourly...

Brief Exercise 10-5

Betsy Strand’s regular hourly wage rate is $32, and she receives an hourly rate of $48 for work in excess of 40 hours. During a January pay period, Betsy works 46 hours. Betsy’s federal income tax withholding is $87, and she has no voluntary deductions. Compute Betsy Strand’s gross earnings and net pay for the pay period. Assume that the FICA tax rate is 7.65%. (Round answers to 2 decimal places, e.g. 15.25.)

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Gross Earnings: Regular Pay (40 hrs x S32) Overtime Pay (6 hrs x $48) Gross Earnings $1,280.00 $288.00 $1,568.00 Net Pay: Gro

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