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Betsy Strand’s regular hourly wage rate is $30, and she receives an hourly rate of $45 for work in excess of 40 hours. During a January pay period, Betsy works 48 hours. Betsy’s federal income tax withholding is $98, and she has no voluntary deductions. Compute Betsy 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.) Betsy Strand’s gross earnings $enter a dollar amount Betsy Strand’s net pay $

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TomShelby

Answer:

Gross pay 1,520

net pay      1,305.72

Explanation:

40 x 30 weekly normal rate = 1,200

 8 x 40        overtime            =   320

Gross pay                                 1,520

deductions:

federal income          $   98.00

FICA 7.65 of 1,520 =  $  116.28

total deduction                      (214.28)  

net pay                                 1,305.72‬

For the gross pay, we will multiply the 40 weekly hours by the normal rate

and the excess hours by the overtime rate.

Then, for deductions, we will multiply the gross pay by the FICA rate.

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