Debra's net pay for the January pay period is approximately $583.26.
Regular hours (capped at 40): 40 hours
Overtime hours (48 hours total - 40 regular hours): 8 hours
Now we will calculate her regular pay and overtime pay:
Regular pay: 40 hours * $14/hour = $560
Overtime pay: 8 hours * $21/hour = $168
Debra's gross pay is the sum of her regular pay and overtime pay:
Gross pay: $560 (regular pay) + $168 (overtime pay) = $728
Next, let's calculate Debra's FICA tax, which is at a rate of 7.65%:
FICA tax: $728 (gross pay) * 0.0765 = $55.74
Now, we can calculate Debra's net pay by subtracting her federal income tax withholding and FICA tax from her gross pay:
Net pay: $728 (gross pay) - $89 (federal income tax withholding) - $55.74 (FICA tax) ≈ $583.26