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An hourly employee is paid $30/hour for a 40 hour week. Overtime is paid at time-and-a-half...

An hourly employee is paid $30/hour for a 40 hour week. Overtime is paid at time-and-a-half for hours worked in excess of 40 hours. In the prior week, the employee worked 48 hours. Federal income taxes of $250 were withheld, and state income taxes of $40 were withheld. FICA taxes of 6.2% (Social Security) and 1.45% (Medicare) were also withheld.

What is the weekly gross pay amount or this employee? What is the weekly net pay amount for this employee?

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Answer #1

Gross pay = (40*30) + (48-40)*30*1.5

= 1560

Net pay

= 1560 - 250 - 40 - [1560 * (6.2+1.45)%]

= 1150.66
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