An Employee Receives an Hourly Rate of $15, with Time

question 111

Multiple Choice

An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $120; cumulative earnings for the year prior to this week, $24,500; 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?

• A) $568.74
• B) $601.50
• C) $660.00
• D) $574.90

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Definitions:

Misleading Advertising

Promotional activities that deceive or trick the audience by presenting false or exaggerated claims.

Canada

A country located in the northern part of North America, known for its vast landscapes, multicultural cities, and bilingual (English and French) heritage.

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Individuals or entities that are considered likely or inclined to purchase goods or services.

Four-Step Plan

A structured approach to problem-solving or project management that typically involves stages such as preparation, planning, implementation, and evaluation.