Question

Steve works for a construction company. He is currently paid at an hourly rate of $13.50 per hour and any overtime is paid at a rate of time and a half. He is paid weekly, this week he worked 47 hours.

gross pay:??
net pay:??
Note: Net pay will be figured by deducting the 1.45 percent Medicare Tax and 4.75 percent Social Security Tax

Answer 1

Answer: $770

Step-by-step explanation:

Answer 2

Okay, let me help you calculate Steve's gross pay first.

For this week, Steve worked 47 hours. His regular rate of pay is $13.50 per hour. Since overtime is paid at time and a half, his overtime rate would be $13.50 x 1.5 = $20.25 per hour. The number of overtime hours this week is 47 - 40 = 7.

So Steve's gross pay for the week would be:
(40 hours x $13.50) + (7 hours x $20.25) = $540 + $141.75 = $681.75

Now, let's calculate Steve's net pay.

Medicare tax is 1.45% of his gross pay.
1.45% of $681.75 = $9.89

Social Security tax is 4.75% of his gross pay.
4.75% of $681.75 = $32.40

So, the total tax deduction from Steve's gross pay is $9.89 + $32.40 = $42.29.

Therefore, Steve's net pay would be:
Gross pay - Total tax deduction = $681.75 - $42.29 = $639.46