Question: Need formula for calculating net pay (K5) 1. The base workweek is 40 hours. Regular pay is based on houny wage and hours worked up

Need formula for calculating net pay (K5)

Need formula for calculating net pay (K5) 1. The base workweek is

1. The base workweek is 40 hours. Regular pay is based on houny wage and hours worked up to 40 . 2. Overtime pay is based on overtime hours, the hounly wage, and the overtime rate. 3. The gross pay is the total of the regular pay and overtime pay. 4. The taxable pay is the difference between the gross pay and the product of the number of dependents and deduction per dependent. Federal withholdhig tex is calculated on the taxable pay based on the tax table. 5. FICA is calculated on the employee's gross pay. 7. The net pay is based on the gross pay, federal withholding tax, and FICA

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Databases Questions!