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An employee earns $20 per hour and 1.75 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 $265. a.  Determine the gross pay for the week. $fill in the blank 1 b.  Determine the net pay for the week. Round your answer to two decimal places. $fill in the blank 2

An employee earns $20 per hour and 1.75 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 $265. a.  Determine the gross pay for the week. $fill in the blank 1 b.  Determine the net pay for the week. Round your answer to two decimal places. $fill in the blank 2

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 7E
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An employee earns $20 per hour and 1.75 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 $265.

a.  Determine the gross pay for the week.
$fill in the blank 1

b.  Determine the net pay for the week. Round your answer to two decimal places.
$fill in the blank 2

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