Margaret Strand’s regular hourly wage rate is $24, and she receives an hourly rate of $36...

Margaret Strand’s regular hourly wage rate is $24, and she receives an hourly rate of $36 for work in excess of 40 hours. During a January pay period, Margaret works 45 hours. Margaret’s federal income tax withholding is $91, and she has no voluntary deductions.

Compute Margaret 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.)

Margaret’s gross earnings		$
Margaret’s net pay		$

Expert Solution

Margaret’s gross earnings [Refer working note 1]	$1,140.00
Margaret’s net pay [Refer working note 2]	$961.79

.

Working note 1 - Calculation of gross pay

	Hours (a)	Wage rate applicable (b)	Wages (a x b)
Normal working hours	40	$24	$960
Overtime hours [45 hours - 40 hours]	5	$36	$180
Total	45		$1,140

.

Working note 2 - Calculation of net pay

Gross wages [Refer working note 1]		$1,140.00
Deduct: Withholdings
Federal income tax	$91.00
FICA taxes [Gross wages x 7.65% = $1,140 x 7.65%]	$87.21
Total withholdings		$178.21
Net pay [$1,140 - $178.21]		$961.79

ekkarill92 answered 2 years ago

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