![Drill Problem 9-18 (Static) (LU 9-2 (1)] Assume a tax rate of 6.2% on $128.400 for Social Security and 145% for Medicare. No](http://img.homeworklib.com/questions/afedc5d0-6f97-11ea-a1dd-3d732a43b9dd.png?x-oss-process=image/resize,w_560)
Homework Answers
STATEMENT SHOWING COMPLETION OF PAYROLL REGISTER OF PAT bROWN
| (A) | (B)6.2% | (C)1.45% | (D) | [A- (B+C+D)] | |||||
| EMPLOYEE | MARTIAL STATUS | ALLOWANCES CLAIMED | GROSS PAY | S.S | MED | ALLOWANCE DEDUCTION | TOTAL ALLOWANCE DEDUCTION | FIT | NET PAY |
| PAT BROWN | M | 4 | 2500 | 153.09 | 36.25 | $79.80 | $79.80*4=319.2 | 274.716 | 2036 |
FIT CALCULATION AS PER TABLE
GROSS PAY - TOTAL ALLOWANCE
= 2500-319.2
=2180.8
SO AS PER SLAB RATE IT FALLS
IN SLAB BRACKET OF $1711- $3395 WHERE $171.36 PLUS 22%
SO =2180.8-1711
=469.8*22%+171.36
=103.356 +171.36
FIT =274.716
Social security i.e SS CAP VALUE =128400
WAGES =2500×52=130000
So we weekly wages for calculating ss will =128400/52
=2469.23
=2469.23×6.2%= 153.09
NET PAY = GROSS PAY - FIT- SS- MED
= 2035.94 rounded off to 2036
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through the classifieds of the Miami Herald. She was delighted when
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3. Her company will pay her biweekly for 80 hours (assume a tax
rate of 6.2% on $128,400 for Social Security and 1.45% for
Medicare). Calculate her take-home pay for her first check. (Use...
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$128,400 and Medicare is 1.45%.) Calculate FIT by the percentage
method. (Use Table 9.1 and Table 9.2) (Round your answers
to 2 decimal places.)
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for the present week were $2,280. Dunn has two exemptions. Using
the wage bracket withholding table in Exhibit 2 with a $75 standard
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