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During the week ended May 15, 2013, Scott Fairchild worked 40 hours. His regular hourly rate is $31. Assume that his earnings are subject to social security tax at a rate of 6.20 percent and Medicare tax at a rate of 1.45 percent. He also has deductions of $48 for federal income tax and $38 for health insurance.
a. What is his gross pay for the week?
b. What is the total of his deductions for the week?
c. What is his net pay for the week?
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1. Whate are the challenges faced in trade and solutions those problems?
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