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Business, 19.02.2020 23:17 cpalabamagirl2595

Martin Jackson receives an hourly wage rate of $30, 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, 46; federal income tax withheld, $350; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the net amount to be paid to Jackson?Gross Pay = Earnings at Regular Rate + Earnings at Overtime RateGross Pay = [($30 Γ— 40) + ($30 Γ— 1.5 Γ— 6)] = $1,470Net Pay = Gross Pay - (Federal Income Tax + Social Security Tax + Medicare Tax)Net Pay = $1,470 - [$350 + ($1,470 Γ— 6.0%) + ($1,470 Γ— 1.5%)] = $1,009.75

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