Asked by Jessica Shatteen on Jul 21, 2024
Verified
Adam works at an electronics store,earning $10.25 an hour,and is paid time and a half for any overtime.Last week,he worked 48 hours.His federal tax withheld is 15% and his state tax withheld is 4%.Social Security and Medicare taxes are also withheld.Determine his net pay for the week.
Time And A Half
Time and a half refers to the pay rate that is 1.5 times higher than the normal rate, usually applied to hours worked beyond the standard workweek.
Net Pay
The amount of money that an employee receives after deductions such as taxes and social security contributions have been subtracted from their gross salary.
Overtime
Additional hours worked beyond the standard or agreed working hours, typically compensated at a higher pay rate.
- Acquire knowledge on how withholdings and deductions are calculated and their significance in an employee's pay.
Verified Answer
Learning Objectives
- Acquire knowledge on how withholdings and deductions are calculated and their significance in an employee's pay.
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