computing net pay quiz\nkerry worked 49 hours last week. his hourly rate is $15. he has the following…

computing net pay quiz\nkerry worked 49 hours last week. his hourly rate is $15. he has the following deductions taken from his pay: federal income tax at the rate of 10 percent, social security tax at the rate of 6.2 percent, medicare tax at the rate of 1.45 percent, health insurance premiums of $50, and union dues of $12. kerry’s net pay for last week was.\ntotal gross pay \ntotal deductions \ntotal net pay \nfederal income tax: 10%\nsocial security : 6.2%\nmedicare tax : 1.45%\nhealth insurance:$50\nunion : $12

computing net pay quiz\nkerry worked 49 hours last week. his hourly rate is $15. he has the following deductions taken from his pay: federal income tax at the rate of 10 percent, social security tax at the rate of 6.2 percent, medicare tax at the rate of 1.45 percent, health insurance premiums of $50, and union dues of $12. kerry’s net pay for last week was.\ntotal gross pay \ntotal deductions \ntotal net pay \nfederal income tax: 10%\nsocial security : 6.2%\nmedicare tax : 1.45%\nhealth insurance:$50\nunion : $12

Answer

Explanation:

Step1: Calculate gross pay

Regular pay for 40 hours: $40\times15 = 600$. Overtime hours are $49 - 40=9$. Overtime pay rate is usually 1.5 times the regular rate, so overtime pay is $9\times15\times1.5=202.5$. Gross pay is $600 + 202.5=802.5$.

Step2: Calculate federal income - tax deduction

Federal income - tax deduction is $0.1\times802.5 = 80.25$.

Step3: Calculate Social Security tax deduction

Social Security tax deduction is $0.062\times802.5=49.755$.

Step4: Calculate Medicare tax deduction

Medicare tax deduction is $0.0145\times802.5 = 11.63625$.

Step5: Calculate total deductions

Total deductions are $80.25+49.755 + 11.63625+50+12=203.64125$.

Step6: Calculate net pay

Net pay is $802.5-203.64125 = 598.85875\approx598.86$.

Answer:

Total Gross Pay: $802.5$ Total Deductions: $203.64$ (rounded to two decimal places) Total Net Pay: $598.86$