ScholarMatic: Explanation & Answer
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Mike Dooley’s regular hourly wage is $16 an hour. He receives overtime pay at the rate of time and a half. The FICA rate is 7.65%. Mike is paid every two weeks. For the first pay period in January, Mike worked 86 hours of which 6 were overtime hours. Mike’s federal income tax withholding is $350 and his state income tax withholding is $110. Mike has authorized that $50 be withheld from his check each pay period for savings bonds.
Compute Mike Dooley’s gross earnings and net pay for the pay period showing each payroll deduction in arriving at net pay. (Round answers to 2 decimal places.)
ScholarMatic: Explanation & Answer
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