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During the first week of January, an employee works 46 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $16 per hour, and her wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $80 in federal income taxes withheld.
-What is the amount of this employee's net pay for the first week of January?
Helplessness
A state of feeling powerless or unable to control or change a situation.
Bottoming Out
Reaching a lowest or worst point, often used in the context of addiction, from which recovery can begin.
Personal Loss
The experience of losing something significant in one's life, which can include loss of a loved one, divorce, job loss, or the loss of personal health, leading to various emotional responses.
Experimenting
The process of conducting trials or tests to discover something unknown or to test a hypothesis, often to gain new insights or solutions.
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