Martin Jackson receives an hourly wage rate of $17, with time-and-a-half pay for all hours worked...

Martin Jackson receives an hourly wage rate of $17, with time-and-a-half pay for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $163; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the net amount to be paid to Jackson, rounded to the nearest cent?

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Expert Solution

Hourly rate = $17

Overtime rate = 17 x 1.5

= $25.5 per hour

Normal working hours = 40

Actual working hours = 48

Gross pay = 40 x 17 + 8 x 25.5

= 680 + 204

= $884

Social security tax = 6% of gross pay

= 6% x 884

= $53.04

Medicare tax = 1.5% of gross pay

= 1.5% x 884

= $13.26

Federal income tax withhold = $163

Net pay = Gross pay - Federal income tax with hold - Social security tax - medicare tax

= 884 - 163 - 53.04 - 13.26

= $654.70

ekkarill92 answered 1 year ago

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