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Calculate Payroll

An employee earns $$44$ per hour and $1\mathrm{.}5$ times that rate for all hours in excess of $40$ hours per week. If the employee worked $50$ hours during the week.

Assume that the social security tax rate is $6\mathrm{.}0\%,$ the Medicare tax rate is $1\mathrm{.}5\%,$ and the employee's federal income tax withheld is $$557.$

a$.$ Determine the gross pay for the week.

If applicable, round your final answer to two decimal places.

b$.$ Determine the net pay for the week.

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Gross pay represents the total earnings of an employee for a specific pay period, prior to taxes and deductions. Net pay is also known as take$-$home pay.