Question

business mathematics

12. Benner: 5 withholding allowances, married, $2390.00 monthly eating Find the net pay for each of the following emplovees after FICA, Medicare, federal withholding tax, state disability insurance, and other deductions have been taken out. Assume that none has earned over $130,000 so far this year. Assume a FICA rate of 6.2%, Medicare rate of 1.45%, and a state disability insurance rate of 1%. Use the percentage method of withholdig, [6.3 and 6.4) 13. Murphy: $1852.75 monthly earnings, 1 withholding allowance, single, $37.80 in other deductions 14. Pupek: $1028 weekly earnings, 3 withholding allowances, married, state withholding of $50.50, credit union savings of $50, contribution of $20

Answer 1

12 answer
Given,
5 With holding Allowances are :
Allowances	%'s
FICA	6.20%
Medi care	1.45%
Federal Withholding tax	12%
State diability insurance	1%
Other Deductions	$12,200
Status : Married and filing seperately
Monthly Earnings : $ 2390
For 12 Months $2390*12 = $28,680
Calculation of Net pay :	(For 12M)
Particulars		Amount
Salary		$28,680
Less :
FICA	$1,778.16
Medi care	$415.86
Federal Withholding tax	$3,441.60
State diability insurance	$286.80
Other Deductions	$12,220
		$18,142.42
Salary after deductions		$10,537.58
Less :Tax to be paid @ 12%		$1,264.51
Salary after tax		$9,273.07
Monthly net pay		$      772.76

13 Answer
Given,
Murphy Monthly earnings : $1852.75
1 withholding allowance
Status : single
$37.80 in other deductions
For 12 Months $1852.75*12 = $22,233
Calculation of Net pay :	(For 12M)
Particulars		Amount
Salary		$22,233
Less :
Other Deductions		$          37.80
Salary after deductions		$ 22,195.20
Less :Tax to be paid @ 12%		$    2,663.42
Salary after tax		$ 19,531.78
Monthly net pay		$    1,627.65

14 Answer
Given,
Pupek Weekly earnings : $1028,
5 With holding Allowances are :
Allowances	%'s
State Withholding tax	$                          50.50
Credit union Savings	$                          50.00
Contributions	$                          20.00
Status : Married
On an average in a year 52 weeks are their
Yearly he earnings are : $1028*52 weeks = $53,456
Calculation of Net pay :	(For year)
Particulars		Amount
Salary		$53,456
Less :
State Withholding tax	$                          50.50
Credit union Savings	$                          50.00
Contributions	$                          20.00	$        120.50
Salary after deductions		$ 53,335.50
Less :Tax to be paid @ 22%		$ 11,733.81
Salary after tax		$ 41,601.69
Weekly net Pay		$        800.03
Monthly net pay		$    3,466.81