Question
Please explain where these numbers are coming from and any computations that were done, thanks Priscilla...
Please explain where these numbers are coming from and any computations that were done, thanks
Priscilla (single, 1 exemption) is an hourly employee who earns $22 per hour (regular time) and time and a half for any hours over 40 in a week (overtime, OT). This pay period she worked 43 hours. Her YTD earnings are $42,800. Compute her gross earnings, her deductions (withholdings), and her net pay. Show your computations. 880. ou 99.ou 979.oo Regular earnings (22 x 40) = 880 Overtime earnings (22x1.5 3) = 99 Gross earnings Deductions SS, 6.2% MC, 1.45% Federal income tax (tables) State income tax, 3% Health insurance, $50/week Retirement 401k, $75/week Total deductions Net earnings 60.70 14.20 129.00 29. 37 50.00 75.00 358. 27 620.73
Answers
Workings Regular earnings [ rs22 * 40 hrs] 880 Overtime earnings [1.5 times of pay for above 40 hours] [ (43-40) * (22*1.5)] 99 Gross earnings 880 + 99 979 Deductions: Ss, 6.2% 6.2/100*979 60.70 Mc, 1.45% 1.45/100*979 14.20 Federal income tax 129 state income tax, 3% 29.37 Health insurance 50 Retirement 75 Total deductions [60.70+14.20+129+29.37+50+75] 358.27 Net earnings 620.73
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