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Math  /  Data & Statistics

QuestionCalculate the net pay for employee 0010. The overtime rate is time-and-a-half. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline Empl & Hrs & OT & Rate & Gross & FIT & FICA & Health & Dental & Net \\ \hline 0010\mathbf{0 0 1 0} & 40 & 2 & $15\$ 15 & $645\$ 645 & $57.00\$ 57.00 & $43.61\$ 43.61 & $15\$ 15 & $5\$ 5 & \\ \hline 0011\mathbf{0 0 1 1} & 40 & 8 & $15\$ 15 & $780\$ 780 & $78.00\$ 78.00 & $59.67\$ 59.67 & $15\$ 15 & $0\$ 0 & \\ \hline 1101\mathbf{1 1 0 1} & - & - & $48,000\$ 48,000 & $923\$ 923 & $138.46\$ 138.46 & $70.62\$ 70.62 & $200\$ 200 & $12\$ 12 & \\ \hline \end{tabular} $[?]\$[?] Round to the nearest cent. Enter

Studdy Solution

STEP 1

1. Employee 0010 worked 40 regular hours and 2 overtime hours.
2. The regular hourly rate is \$15.
3. Overtime is paid at time-and-a-half, which is 1.5 times the regular rate.
4. Deductions include Federal Income Tax (FIT), FICA, Health, and Dental.
5. Gross pay is already calculated as \$645.

STEP 2

1. Calculate the overtime pay.
2. Verify the gross pay calculation.
3. Calculate total deductions.
4. Calculate the net pay.

STEP 3

Calculate the overtime pay:
Overtime Rate=1.5×$15=$22.50\text{Overtime Rate} = 1.5 \times \$15 = \$22.50
Overtime Pay=2×$22.50=$45.00\text{Overtime Pay} = 2 \times \$22.50 = \$45.00

STEP 4

Verify the gross pay calculation:
Regular Pay=40×$15=$600.00\text{Regular Pay} = 40 \times \$15 = \$600.00
Gross Pay=Regular Pay+Overtime Pay=$600.00+$45.00=$645.00\text{Gross Pay} = \text{Regular Pay} + \text{Overtime Pay} = \$600.00 + \$45.00 = \$645.00
The given gross pay of \$645 is correct.

STEP 5

Calculate total deductions:
Total Deductions=FIT+FICA+Health+Dental=$57.00+$43.61+$15.00+$5.00=$120.61\text{Total Deductions} = \text{FIT} + \text{FICA} + \text{Health} + \text{Dental} = \$57.00 + \$43.61 + \$15.00 + \$5.00 = \$120.61

STEP 6

Calculate the net pay:
Net Pay=Gross Pay−Total Deductions=$645.00−$120.61=$524.39\text{Net Pay} = \text{Gross Pay} - \text{Total Deductions} = \$645.00 - \$120.61 = \$524.39
The net pay for employee 0010 is:
$524.39\boxed{\$524.39}

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