$14$

Exercise $11-20$A $($Algo$)$ Computing gross and net pay LO P$5$

$6\mathrm{.}66$

Lenny Florita, an unmarried employee, works $48$ hours in the week ended January $12.$ His pay rate is $$12$ per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims four withholding allowances. Compute his regular pay, overtime pay $($Lenny earns $$18$ per hour for each hour over $40$ per week$),$ and gross pay. Then compute his FICA tax

Skipped

deduction for the Social Security portion and $1\mathrm{.}45\%$ for the Medicare portion$),$ income tax deduction $($use the wage bracket withholding table from Exhibit $11$A$\mathrm{.}6),$ total deductions, and net pay

Note: Round your intermediate calculations and final answers to $2$ decimal places.

$\backslash$table$[[,$Hours,Hourly Rate,$],[$Regular pay$],[$Overtime premium pay$],[$Gross pay,$0\mathrm{.}00],[$FICA $-$ Social Security tax deduction$],[$FICA$-$Medicare tax deduction$],[$Income tax deduction$],[$Total deductions,,,$0\mathrm{.}00],[$Net pay,,,$]]$