How do I calculate the rest of these amounts?
Homework Answers
Gross Pay = $930 (Given)
HSA Contribution = $30 (Given)
401(k) deduction = $50 (Given)
OASDI Tax = 6.2% * $930 = $ 57.66
HI Tax = 1.45% * $930 = $13.49
Earnings subjected to FIT = Gross Pay - 401 (k) deductions
= $ 930- $50 =$880,
now using wage bracket FIT at $880 for 1 allowance = $84
Net Pay = Gross Pay - HSA Contribution - 401(k) deduction - OASDI Tax - HI Tax - FIT
= $930 - $ 30 - $50 - $ 57.66 - $13.49 - $84
= $ 694.85
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How do I calculate the rest of these amounts?
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payroll
Note: For this edition, the 2014 federal income tax tables, FICA rates, OASDI rate of 6.2% on wages up to $117,000 and the employee and employer HI rate of 1.45% on all wages was used.
Unless instructed otherwise, click here to calculate hourly rate and overtime rates.
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