practice #1\n1. how much does scott earn every hour of work? \n2. if scott works extra hours (overtime), how…

practice #1\n1. how much does scott earn every hour of work? \n2. if scott works extra hours (overtime), how much money does he receive? \n3. what is the time period of this pay stub? \n4. what are the total deductions from scotts pay? \n5. what is scotts net pay (earnings/wages) per month? \n6. how much money has scott earned this year (year - to - date)? \n123 company\n555 anywhere rd\nanywhere, usa 11111\nscott k smith\nsocial security: xxx - xx - 1111\ntaxable marital status: single\nexemptions/allowances: (1)\n*federal: 0 *state: 0\ntaxable gross: $520.00\nnet pay: $410.00\ndescription rate hours this period year to date\nregular $12.00 40 $480.00 $1,920.00\novertime $18.00 5 $90.00 $360.00\ntotal $570.00 $2,280.00\ndeductions this period year to date\nfederal income tax (2) $40.00 $40.00\nstate income tax (2) $10.00 $40.00\nmedicare tax (3) $5.00 $20.00\nsocial security tax (4) $20.00 $80.00\nother \nhealth insurance* (5) $20.00 $80.00\nmedical flexible spending account* (6) $10.00 $40.00\nlife insurance (7) $5.00 $20.00\n401(k)* (8) $20.00 $80.00\nsavings deposit (9) $30.00 $120.00\ntotal $160.00 $640.00

practice #1\n1. how much does scott earn every hour of work? \n2. if scott works extra hours (overtime), how much money does he receive? \n3. what is the time period of this pay stub? \n4. what are the total deductions from scotts pay? \n5. what is scotts net pay (earnings/wages) per month? \n6. how much money has scott earned this year (year - to - date)? \n123 company\n555 anywhere rd\nanywhere, usa 11111\nscott k smith\nsocial security: xxx - xx - 1111\ntaxable marital status: single\nexemptions/allowances: (1)\n*federal: 0 *state: 0\ntaxable gross: $520.00\nnet pay: $410.00\ndescription rate hours this period year to date\nregular $12.00 40 $480.00 $1,920.00\novertime $18.00 5 $90.00 $360.00\ntotal $570.00 $2,280.00\ndeductions this period year to date\nfederal income tax (2) $40.00 $40.00\nstate income tax (2) $10.00 $40.00\nmedicare tax (3) $5.00 $20.00\nsocial security tax (4) $20.00 $80.00\nother \nhealth insurance* (5) $20.00 $80.00\nmedical flexible spending account* (6) $10.00 $40.00\nlife insurance (7) $5.00 $20.00\n401(k)* (8) $20.00 $80.00\nsavings deposit (9) $30.00 $120.00\ntotal $160.00 $640.00

Answer

Explanation:

Step1: Find regular - hour rate

From the pay - stub, the regular rate is $12.00 per hour. So, Scott earns $12.00 every hour of regular work.

Step2: Find overtime rate

From the pay - stub, the overtime rate is $18.00 per hour. So, for extra hours, Scott receives $18.00 per hour.

Step3: Find time period

The period ending is 2/01/19 and the pay date is 2/14/19. The time period of this pay - stub is from an unknown start date to 2/01/19.

Step4: Calculate total deductions

Add up all the deductions in the "Deductions" section: $40.00 (Federal Income Tax)+$10.00 (State Income Tax)+$5.00 (Medicare Tax)+$20.00 (Social Security Tax)+$20.00 (Health Insurance)+$10.00 (Medical Flexible Spending Account)+$5.00 (Life Insurance)+$20.00 (401(k))+$160.00 (Savings Deposit) = $290.00

Step5: Find net pay per month

The net pay for this period is $410.00. Assuming this is a bi - weekly pay (since pay dates are often bi - weekly), if we assume 2 pay periods per month, the net pay per month is approximately $410.00×2 = $820.00

Step6: Find year - to - date earnings

From the pay - stub, the year - to - date earnings are $2,280.00

Answer:

  1. $12.00
  2. $18.00
  3. Up to 2/01/19
  4. $290.00
  5. $820.00
  6. $2,280.00