Sue Works 46 Hours at Her Job During the Week

question 19

Multiple Choice

Sue works 46 hours at her job during the week.She is paid $13.30/hour and receives overtime at the rate of time-and-one-half for hours worked over forty.Sue is taxed for federal income taxes at 15% and 7.65% for OASDI and Medicare.All of her income is taxable.What is Sue's net pay?

• A) $651.70
• B) $147.61
• C) $504.08
• D) $532.00

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Definitions:

Payment Receipt

A document that serves as proof of a transaction between two parties, indicating that payment has been made and received.

Including Interest

Refers to financial computations or transactions that take into account the accrual or payment of interest.

Allowance Method

An accounting technique used to estimate uncollectible accounts receivable and recognize bad debt expense.

Adjusting Entry

Accounting entries recorded at the conclusion of a financial period for the purpose of assigning revenues and expenses to the time frame in which they were actually incurred.