Homework Answers
| Gross Income | $2,900 |
| Exemptions (153.8*3) | $461.40 |
| Taxable Income | $2,438.60 |
| FIT | $281 |
| 70.9+(2438.60-1040)*15% | |
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Len Mast earned $2,900 in the last 2 weeks. He is married, is paid biweekly,...
Len Mast earned $2,950 in the last 2 weeks. He is married, is paid biweekly, and...
Len Mast earned $2,950 in the last 2 weeks. He is married, is paid biweekly, and claims 3 exemptions. What is Len's FIT? Use the percentage method. (Use Table 71 and Table 7.2). (Round your answer to the nearest cent.) FIT Payroll Period Weekly ................ Biweekly .... Semimonthly ... Monthly Quarterly ..... Semiannually ......... Annually ......... Daily or miscellaneous (each day of the payroll period).. One Withholding Allowance $ 76.90 153.80 166.70 333.30 1,000.00 2,000.00 4,000.00 15.40 Percentage Method Tables...
Percentage Method Tables for Income Tax Withholding TABLE 1-WEEKLY Payroll Period $0 (a) SINGLE person (including...
Percentage Method Tables for Income Tax Withholding TABLE 1-WEEKLY Payroll Period $0 (a) SINGLE person (including head of household)- (b) MARRIED person- If the amount of wages If the amount of wages (after subtracting The amount of income tax (after subtracting The amount of income tax withholding allowances) is: to withhold is: withholding allowances) is: to withhold is: Not over $44......... $0 Not over $165 ......... Over But not over- of excess over-Over- But not over- of excess over- $44...
Through the classifieds of the Miami Herald Rhonda Brennan found her first job after graduating from...
Through the classifieds of the Miami Herald Rhonda Brennan found her first job after graduating from college. She was delighted when the offer came through at $15.60 per hour. She completed her W-4 stating that she is married with a child and claims an allowance of 3. Her company will pay her biweekly for 80 hours (assume a tax rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare). Calculate her take-home pay for her first check. (Use...
Assume a tax rate of 6.2% on $118.500 for Social Security and 145% for Medicare. No one will reach the maximum fo...
Assume a tax rate of 6.2% on $118.500 for Social Security and 145% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. Use the percentage method to calculate FIT for this weekly period.) (Use Table 9.1 and Table 9.2). (Do not found intermediate calculations and round your final answers to the nearest cent.) FCA Mr aus Allowances claimed 4 Employee Pat Brown Natpay Gross pay 54.000 Med S21S M 5 Payroll Period Weekly Biweekly...
Richard Gaziano is a manager for Health Care, Inc. Health Care deducts Social Security, Medicare, and...
Richard Gaziano is a manager for Health Care, Inc. Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume a rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare. Before this payroll, Richard is $1,000 below the maximum level for Social Security earnings. Richard is married, is paid weekly, and claims 2 exemptions. What is Richard's net pay for the week if he earns $2,350? (Use Table 7.1 and Table 7.2). (Round...
Len Mast is married with three allowances. His weekly gross pay is $1,250. He will not...
Len Mast is married with three allowances. His weekly gross pay
is $1,250. He will not reach the maximum taxable salary for Social
Security purposes.
1. What is the amount that he will have deducted for Social
Security taxes?
2. What is the amount that he will have deducted for Medicare
taxes?
3. Using the percentage method, what is the amount that he will
have deducted for FIT (Federal Income Tax)?
4. What is his net pay?
SOCIAL SECURITY TAX...
Dennis Toby is married with four allowances. He is paid a BIWEEKLY salary of $1,200. He...
Dennis Toby is married with four allowances. He is paid a
BIWEEKLY salary of $1,200. He will not reach the maximum taxable
salary for Social Security purposes.
1. What is the amount that he will have deducted for Social
Security taxes?
2. What is the amount that he will have deducted for Medicare
taxes?
3. Using the percentage method, what is the amount that he will
have deducted for FIT (Federal Income Tax)?
4. What is his net pay?
SOCIAL...
Ramona Porter's cumulative earnings (YTD) before this pay period were $28,900. Her gross pay for this...
Ramona Porter's cumulative earnings (YTD) before this pay period
were $28,900. Her gross pay for this week is $425.
1. What is the amount that she will have deducted from this
paycheck for Social Security taxes?
2. What is the amount that she will have deducted from this
paycheck for Medicare taxes?
SOCIAL SECURITY TAX RATE: 6.2% MEDICARE TAX RATE: 1.45% MAXIMUM TAXABLE SALARY: $110,100 Payroll Period Weekly Biweekly Semimonthly Monthly Quarterly Semiannually Annually Daily or miscellaneous (each day of...
Ramona Porter's cumulative earnings (YTD) before this pay period were $28,900. Her gross pay for this...
Ramona Porter's cumulative
earnings (YTD) before this pay period were $28,900. Her gross pay
for this week is $425. 1. What is the amount that she will have
deducted from this paycheck for Social Security taxes? 2. What is
the amount that she will have deducted from this paycheck for
Medicare taxes?
TABLE 2—BIWEEKLY Payroll Period (a) SINGLE person (including head of household) (b) MARRIED person, If the amount of wages (after If the amount of wages (after subtracting withholding...
Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary...
Calculate Social Security taxes, Medicare taxes, and FIT for
Jordon Barrett. He earns a monthly salary of $13,200. He is single
and claims 1 deduction. Before this payroll, Barrett’s cumulative
earnings were $128,110. (Social Security maximum is 6.2% on
$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.)
We were unable to transcribe this imageTABLE 9.2 Percentage method income tax withholding schedules Percentage Method Tables...
Len Mast earned $2,950 in the last 2 weeks. He is married, is paid biweekly, and claims 3 exemptions. What is Len's FIT? Use the percentage method. (Use Table 71 and Table 7.2). (Round your answer to the nearest cent.) FIT Payroll Period Weekly ................ Biweekly .... Semimonthly ... Monthly Quarterly ..... Semiannually ......... Annually ......... Daily or miscellaneous (each day of the payroll period).. One Withholding Allowance $ 76.90 153.80 166.70 333.30 1,000.00 2,000.00 4,000.00 15.40 Percentage Method Tables...
Percentage Method Tables for Income Tax Withholding TABLE 1-WEEKLY Payroll Period $0 (a) SINGLE person (including head of household)- (b) MARRIED person- If the amount of wages If the amount of wages (after subtracting The amount of income tax (after subtracting The amount of income tax withholding allowances) is: to withhold is: withholding allowances) is: to withhold is: Not over $44......... $0 Not over $165 ......... Over But not over- of excess over-Over- But not over- of excess over- $44...
Through the classifieds of the Miami Herald Rhonda Brennan found her first job after graduating from college. She was delighted when the offer came through at $15.60 per hour. She completed her W-4 stating that she is married with a child and claims an allowance of 3. Her company will pay her biweekly for 80 hours (assume a tax rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare). Calculate her take-home pay for her first check. (Use...
Assume a tax rate of 6.2% on $118.500 for Social Security and 145% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. Use the percentage method to calculate FIT for this weekly period.) (Use Table 9.1 and Table 9.2). (Do not found intermediate calculations and round your final answers to the nearest cent.) FCA Mr aus Allowances claimed 4 Employee Pat Brown Natpay Gross pay 54.000 Med S21S M 5 Payroll Period Weekly Biweekly...
Richard Gaziano is a manager for Health Care, Inc. Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume a rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare. Before this payroll, Richard is $1,000 below the maximum level for Social Security earnings. Richard is married, is paid weekly, and claims 2 exemptions. What is Richard's net pay for the week if he earns $2,350? (Use Table 7.1 and Table 7.2). (Round...
Len Mast is married with three allowances. His weekly gross pay
is $1,250. He will not reach the maximum taxable salary for Social
Security purposes.
1. What is the amount that he will have deducted for Social
Security taxes?
2. What is the amount that he will have deducted for Medicare
taxes?
3. Using the percentage method, what is the amount that he will
have deducted for FIT (Federal Income Tax)?
4. What is his net pay?
SOCIAL SECURITY TAX...
Dennis Toby is married with four allowances. He is paid a
BIWEEKLY salary of $1,200. He will not reach the maximum taxable
salary for Social Security purposes.
1. What is the amount that he will have deducted for Social
Security taxes?
2. What is the amount that he will have deducted for Medicare
taxes?
3. Using the percentage method, what is the amount that he will
have deducted for FIT (Federal Income Tax)?
4. What is his net pay?
SOCIAL...
Ramona Porter's cumulative earnings (YTD) before this pay period
were $28,900. Her gross pay for this week is $425.
1. What is the amount that she will have deducted from this
paycheck for Social Security taxes?
2. What is the amount that she will have deducted from this
paycheck for Medicare taxes?
SOCIAL SECURITY TAX RATE: 6.2% MEDICARE TAX RATE: 1.45% MAXIMUM TAXABLE SALARY: $110,100 Payroll Period Weekly Biweekly Semimonthly Monthly Quarterly Semiannually Annually Daily or miscellaneous (each day of...
Ramona Porter's cumulative
earnings (YTD) before this pay period were $28,900. Her gross pay
for this week is $425. 1. What is the amount that she will have
deducted from this paycheck for Social Security taxes? 2. What is
the amount that she will have deducted from this paycheck for
Medicare taxes?
TABLE 2—BIWEEKLY Payroll Period (a) SINGLE person (including head of household) (b) MARRIED person, If the amount of wages (after If the amount of wages (after subtracting withholding...
Calculate Social Security taxes, Medicare taxes, and FIT for
Jordon Barrett. He earns a monthly salary of $13,200. He is single
and claims 1 deduction. Before this payroll, Barrett’s cumulative
earnings were $128,110. (Social Security maximum is 6.2% on
$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.)
We were unable to transcribe this imageTABLE 9.2 Percentage method income tax withholding schedules Percentage Method Tables...
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