. The gross payroll for McKinney Corporation was $100,000. Federal income tax withheld from employee paychecks...
.
The gross payroll for McKinney Corporation was $100,000. Federal
income tax withheld from employee paychecks amounted to $24,000,
state income tax withheld amounted to $3,000, Social Security
amounted to $8,500 (the combined employee and employer portions),
and Medicare amounted to $3,500 (the combined employee and employer
portions). Furthermore, employees elected to have $1,000 of
insurance and charitable contributions withheld from their
paychecks. How much was net pay?
Homework Answers
| Gross payroll | 100000 | |
| Less: Deductions | ||
| Federal income tax withheld | 24000 | |
| State income tax withheld | 3000 | |
| Social Security withheld | 4250 | =8500*50% |
| Medicare withheld | 1750 | =3500*50% |
| Insurance and charitable contributions | 1000 | |
| Total Deductions | 34000 | |
| Net pay | 66000 |
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The gross payroll for McKinney Corporation was $100,000. Federal
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