An Employee Earns $33 Per Hour

question 116

Short Answer

An employee earns $33 per hour.She worked 53 hours the third week of January.
Calculate the gross pay.
The business is involved in interstate commerce.
Federal Income Tax rate = 20%
State Income Tax rate = 5%
FICA rate OASDI = 6.2% and Medicare = 1.45%
FUTA rate = .8%
SUTA rate = 5.6%
$ ________

---

Definitions:

Pay-for-Knowledge Plans

Compensation strategies that reward employees for acquiring and using specific knowledge or skills that benefit the organization.

Traditional Incentive Systems

Reward structures typically based on performance outcomes, aiming to motivate employees through financial incentives like bonuses, raises, and commissions based on their job performance or targets achieved.

Hourly Workers

Employees who are paid for each hour of work performed, as opposed to receiving a fixed salary.

Free Trade

An economic policy that allows goods and services to be bought and sold across international borders with little or no government tariffs, quotas, subsidies, or prohibitions to inhibit their exchange.