Martin Jackson receives an hourly wage rate of $30, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $350; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the net amount to be paid to Jackson? a. $1,097.95 b. $1,009.75 c. $1,470.00 d. $460.25

Question

Business

Belen Mcdonald

19 July, 05:23

Martin Jackson receives an hourly wage rate of $30, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $350; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the net amount to be paid to Jackson? a. $1,097.95 b. $1,009.75 c. $1,470.00 d. $460.25

+2

Answers (2)

Know the Answer?

Alisson Dunn · Answer 1

b. $1,009.75

Explanation:

$

Hourly wage 30 * 46 1380

towards excess hours 30 * 1/2 * (46-40) 90

Total Gross 1470

Less: Income Tax 350

Social Security ta 1470 * 6% 88.2

Medicare tax 1470 * 1.5% 22.05

Net Pay 1009.75

Irvin Palmer · Answer 2

Answer: 1009.75

Explanation:

Computation of Net Pay

Hourly wage 30 * 46. = 1380

Excess hours 30*1/2 * (46-40) = 90

Total Gross = 1470

Less:

Income Tax 350

Social Security ta 1470*6%. 88.2

Medicare tax 1470*1.5% 22.05

Net Pay 1009.75

Hence Option B is correct.