Math Geniuses!! pls help me!!!?

Question

To calculate a person's net pay for a two-week period, an accountant follows these steps :

Step 1: Multiply the first 80 hours of work by the hourly rate of pay.
Step 2 : Multiply any hours over 80 by 1.5 and then by the hourly rate of pay.
Step 3: Add these amounts together.
Step 4: Multiply the amount in step 3 by 7.65% for social security tax and by 25% for federal income tax.
Step 5: Add the two amounts in step 4 together.
Step 6 : subtract the amount in step 5 from the amount in step 3.

Using these steps find the two-week pay for a person who worked 87 hours at $8.00 per hour.


PLEASE explain thoroughly. THANKS!!!!!!

Answer 1

Step 1 80hours x $8.00/hour = $640
Step 2 because the total hours worked is 87, this means there was Overtime and you have to multiply this by 1.5 as premium rate of pay. That is, you're being paid $12/hr for overtime which is good. So, 7 hours x 1.5 x $8.00/hr = $84.00

Step 3 640 + 84 = $724.00

Step 4 SS Tax = 0.0765 x 724 = $55.39;
Fed Tax = 0.25 x724 =$ 181 (OUCH!)

Step 5 181 +55.39 = $236.39

Step 6 $724-$236.39 = $487.61 (Yikes!)

this means a monthly net pay of about $975 and if you live in Orange County, CA where the avereage rent for a one bedroom apartment is about $1,050, then you're screwed. In spite of Overtime! It is terrible, huh?

Answer 2

This will get you started:

Step 1: 80 x $8/hr = $640
Step 2: 7 x 1.5 = 10.5 hrs, 10.5 x $8 = $84
Step 3: $724
Step 4: $724 x 0.0765 = Social Security, $724 x 0.25 = Federal Income tax.
Step 5: etc.
Step 6: etc.

Answer 3

Step 1: 80 * 8.00 = 640 (this is the persons base pay)

Step 2: (7 * 1.5) * 8.00 = 84 (persons overtime pay)

Step 3: 640 + 84 = 724 (gross pay for 2-week period)

Step 4: 724 * .0765 = 55.386 (amount owed for SS tax)
724 * .25 = 181 (amount owed for Federal)
[you convert the percentage to decimal to calculate]

Step 5: 55.386 + 181 = 236.386 (amount of total taxes owed)

Step 6: 724 - 236.386 = 487.614 (gross pay for 2-week period)

Answer 4

Step 1. 80* 8 = $ 640.00
Step 2. 7*1.5*8 = $84.00
Step 3. $640+$84 = $724.00
Step 4 .0765*724 = $55.39, and .25*724 = $181.00
Step 5 $55.39 + $181 = $236.39
Step 6 $724.00 - $ 236.39 = $487.61

Taxes suck, don't they, especially when you don't see what benefit you get from them.

Answer 5

The answer is five dont listen to these other people