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    Net Pay

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    An employee receives an hourly rate of $25, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 46 federal income tax withheld, $350; cumulative earnings for year prior to current week, $99,700; social security tax rate, 6.0% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings. What is the net amount to be paid the employee?

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    https://brainmass.com/business/accounting/net-pay-78452

    Solution Preview

    The gross pay is 40X25+6X25X1.5 = 1,225

    The deductions are
    Income tax withheld ...

    Solution Summary

    The solution explains how to calculate the net pay for an employee

    $2.19

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