Question

Hank earns per hour with timeandahalf for hours in excess of per week. He worked hours at his job during the first week of March 2018. Hank pays income taxes at ​% and ​% for OASDI and Medicare. All of his income is taxable under FICA. Determine​ Hank's net pay for the week.

Answer 1

$1,021.02

Step-by-step explanation:

Calculation for Hank's net pay for the week

Straight Time Pay $960

(40 × $24)

Overtime pay 360

(10 × $24× 1.5)

Less Federal Income tax (198)

[(960+360)×15%]

=1,122

OASDI and Medicare 100.98

(7.65% × $1,320)

Net Pay $1,021.02

(1.122-100.98)

Therefore Hank's net pay for the week will be $1,021.02