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Question - An employee receives an hourly rate of $24.00, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the first week of the calendar year are as follows: hours worked, 48.00 federal income tax withheld, $128.00; Social security tax rate, 6% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment compensation tax, .8% on the first $7,000. What is the net amount to be paid the employee? If required, round your answers to the nearest cent.
$930.40
$1,026.40
$1,248.00
$1,728.00
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