Gross Pay = ($12 x 37 hours )+(5% x 7000) | $794.00 |
Less: Social security Tax = 6.25% x 794 | -49.625 |
Less: Medicare Tax = 1.45% x 794 | -11.513 |
Less: FIT = | -42.168 |
Net Pay | $690.69 |
FIT | |
Gross Pay | $794.00 |
Allowances claimed on Form W-4 = 79.80 x 2 | -$159.60 |
Amount subject to withholding | $634.40 |
Tax (36.60 + ($634.40 - $588) x 12% | 42.168 |
5. (5 pts) Mia Kaminsky sells shoes for Macy's. Macy's pays Mia $12 per hour plus...
Westway Company pays Suzie Chan $2,300 per week. Assume Social Security is 6.2% on $128,400 and 1.45% for Medicare. a. By the end of week 52, how much did Westway deduct for Suzie's Social Security and Medicare for the year? (Round your answers to the nearest cent.) Deductions Social Security Medicare b. What state and federal unemployment taxes does Westway pay on Suzie's yearly salary? The state unemployment rate is 5.1% and the federal unemployment tax is 0.6% on the...
Barbara Brach earns $368.00 per week. She is married and claims 2 allowances. Her state tax rate is 2.8 percent and her local tax rate is 1.25 percent, both on gross earnings. Her medical insurance plan costs $7,780.00 per year, of which the company pays 80 percent. Medicare (1.45%) and Social Security (6.2%) are also deducted from her paycheck. What is her net pay?
Barbara Brach earns $368.00 per week. She is married and claims 2 allowances. Her state tax rate is 2.8 percent and her local tax rate is 1.25 percent, both on gross earnings. Her medical insurance plan costs $7,780.00 per year, of which the company pays 80 percent. Medicare (1.45%) and Social Security (6.2%) are also deducted from her paycheck. What is her net pay? a $236.20 b $367.73 c $263.02 d $104.98
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)....
Rhonda Brennan found her first job after graduating from college through the classifieds of the Miami Herald. She was delighted when the offer came through at $15.30 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...
Lenny Florita, an unmarried employee, works 52 hours in the week ended January 12. His pay rate is $16 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims two withholding allowances. Compute his regular pay, overtime pay (Lenny earns $24 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),...
tax year 2020. Donald Chin works for Northwest Supplies. His rate of pay is $14.00 per hour, and he is paid 1½ times the regular rate for all hours worked in excess of 40 per week. During the last week of January of the current year, he worked 48 hours. Chin is married and claims three withholding allowances on his W-4 form. His weekly wages are subject to the following deductions: Employee federal income tax Social Security tax at 6.2%...
Determine the gross pay for each employee listed below. When necessary, round intermediate calculations and the final answer to the nearest cent. Clay Jones is paid time-and-a-half for all hours over 40. He worked 45 hours during the week. His regular pay rate is $25 per hour. $ Mary James worked 48 hours during the week. She is entitled to time-and-a-half for all hours in excess of 40 per week. Her regular pay rate is $20 per hour. $ Lori...
SCENARIO 1 Myles earns $30 per hour. So far this year Myles has earned $6,400 (YTDb4). This week Myles worked for 50 hours and gets time and a half overtime for hours in excess of 40 per week. Calculate gross and net payroll and prepare journal entries for the payroll & the related employer's payroll tax expense based on the following rates. THESE 2 JOURNAL ENTRIES ARE FOR THIS WEEK ONLY! Social Security rate is 8% up to an annual...
abe Maps Dashboard Course Home Saved Help Save & Rhonda Brennan found her first job after graduating from college through the classifieds of the Miami Herald. 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 $128.400 for Social Security and 145% for Medicare)...