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Margaret's regular hourly wage rate is $20, and she receives an hourly rate of $30 for work in excess of 40 hours. During a January pay period, Margaret works 49 hours. Margaret's federal income tax withholding is $97, and she has no voluntary deductions. Compute Margaret's gross earnings and net pay for the pay period. Assume that the FICA tax rate is 7.65%. (Round the answers to 2 decimal places, eg. 15.25.) Gross earnings $ Net pay $ 1

Margaret's regular hourly wage rate is $20, and she receives an hourly rate of $30 for work in excess of 40 hours. During a January pay period, Margaret works 49 hours. Margaret's federal income tax withholding is $97, and she has no voluntary deductions. Compute Margaret's gross earnings and net pay for the pay period. Assume that the FICA tax rate is 7.65%. (Round the answers to 2 decimal places, eg. 15.25.) Gross earnings $ Net pay $ 1

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 5PB
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Margaret's regular hourly wage rate is $20, and she receives an hourly rate of $30 for work in excess of 40 hours. During a January pay period, Margaret works 49 hours. Margaret's federal income tax withholding is $97, and she has no voluntary deductions. Compute Margaret's gross earnings and net pay for the pay period. Assume that the FICA tax rate is 7.65%. (Round the answers to 2 decimal places, eg. 15.25.) Gross earnings $ Net pay $ 1
Transcribed Image Text:Margaret's regular hourly wage rate is $20, and she receives an hourly rate of $30 for work in excess of 40 hours. During a January pay period, Margaret works 49 hours. Margaret's federal income tax withholding is $97, and she has no voluntary deductions. Compute Margaret's gross earnings and net pay for the pay period. Assume that the FICA tax rate is 7.65%. (Round the answers to 2 decimal places, eg. 15.25.) Gross earnings $ Net pay $ 1
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