Yvette Bradbury is an account representative at Commerce Savings Bank, earning $45,600 annually, paid semimonthly. She...
Yvette Bradbury is an account representative at Commerce Savings
Bank, earning $45,600 annually, paid semimonthly. She contributes 3
percent of her gross pay to her qualified 401(k) plan on a pre-tax
basis and has a pre-tax medical premium of $60.
What is her taxable income?
Homework Answers
Solution -
$45600/24 = $1900 per pay period (because of semimonthly payment)
$1900 * 3% = $57 for 401(k)
Taxable income = $1900 - $57 - $60 = $1783
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