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During the week ended February 8, 2013, Stuart Wayne worked 40 hours. His regular hourly rate is $10. Assume that his earnings are subject to social security tax at a rate of 6.2 percent and Medicare tax at a rate of 1.45 percent. He also has deductions of $31 for federal income tax and $21 for health insurance.
A) What is his gross pay for the week?
B) What is the total of his deductions for the week?
C) What is his net pay for the week?
Legal Life
The duration for which a legal entity, patent, copyright, or other legal protection is valid or enforceable.
Depletion Expense
The allocation of the cost of natural resources over their productive life, typically used in industries like mining and forestry.
Drilling Rights
Legal permissions granted to an individual or company to explore and extract minerals, oil, or gas from the land.
Oil Deposit
A natural reservoir beneath the Earth's surface filled with crude oil.
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