An employee works 39 regular work week in August 2018. He was hired six years ago, earns a salary of $116.500/year and is exempt from the overtime provisions of the FLSA. to date he has no compensatin beyound his annual salary. He ask the employer to withhold 12% of gross pay, which is to be contributed to a 403b plan. Taxable income for federal income tax withholding? Taxable income for Social Security tax? Taxable income for medicare tax?
Salary = $ 116,500/year. 12% deduction for 403 (b) Plan
1. Taxable income for federal income tax withholding = 116,500 - 12% of 116,500 = 116,500 - 13,980 = $ 102,520
$ 102,520 is the annual amount. Divide this by 52 to get weekly amount i.e. 102,520/52 = $ 1,971.54
2. Taxable income for Social Security Tax = $ 116,500 or 116,500/52 = $ 2,240.38
3. Taxable income for medicare tax = $ 116,500 or 116,500/52 = $ 2,240.38
An employee works 39 regular work week in August 2018. He was hired six years ago,...
Ohe 1: An employee works 51 hours (51 - 40 were overtime hours) during a workweek in December of 2018. He earms $40hour, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earmed $126,550 during the year. He has requested that his employer withhold 4% of gross pay, which is to be contributed to a 401(k) plan. Taxable income for federal income tax withholding = $ Taxable income for social security...
An employee works 47 hours 7 are overtime during a workweek. He earns $39/hour with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $126,550 during the year. He withhold 6% of gross pay to 401k. Need to know taxable income for Federal withholding, social security tax, and medicare tax.
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Lenny Florita, an unmarried employee, works 47 hours in the week ended January 12. His pay rate is $12 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims four withholding allowances. Compute his regular pay, overtime pay (Lenny earns $18 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion),...
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Lenny Florita, an unmarried employee, works 47 hours in the week ended January 12. His pay rate is $12 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims four withholding allowances. Compute his regular pay, overtime pay (Lenny earns $18 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion)....