EX 11-8; Calculate payroll
An employee earns $60 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 55 hours during the week, Assume further that the social security tax rate was 6.0% the Medicare tax rate was 1.5%, and federal income tax to be withheld was $743.
A. Determine the gross pay for the week.
B. Determine the net pay for the week.