Question

During the week ended May 15, 20X1. Scott Fairchild worked 40 hours. His regular hourly rate is $14. Assume that all of his earnings are subject to social security tax at a rate of 6.2 percent and Medicare tax at a rate of 1.45 percent. He also has deductions of $31 for federal income tax and $21 for health insurance. a. What is his gross pay for the week? b. What is the total of his deductions for the week? c. What is his net pay for the week? (Do not round intermediate calculations. Round your answers to 2 decimal places.) a. Gross pay for the week b. Deductions for the week Not pay for the week

Answer 1

Answer:

Gross pay = 600

Deductions = 99.9

Net Pay = 500.1

Explanation:

Requirement A:

Gross Pay = 40 hours x $15/hour

Gross Pay = $600

Requirement B:

Security Tax ( 600 x  6.2%)  = $37.2

Medicare tax ( 600 x 1.45%) = $8.7

Federal Income = $32

Health Insurance = $22

Total deductions = $99.9

Requirement C :

Net Pay = Gross pay - all deductions

Net Pay = $600 - 99.9

Net Pay = 500.1

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