Use Table 10-3 and Table 10-4 from your textbook to answer the following question. The total...
Use Table 10-3 and Table 10-4 from your textbook to answer the following question.
The total monthly wages of four employees are listed below. Determine the amount of the deductions and the net pay due to each employee. Use 6.2% for Social Security and 1.45% for Medicare tax deductions, and use the percentage method for federal income tax withholding. Determine the deductions and totals. Round all computations to the nearest cent.
| Deductions | ||||||||
| Name | Marital Status | W/H Allow. | Total Wages | Social Security | Medicare | Federal Income Tax | Total | Net Pay |
| Ali, Kyber | S | 1 | $4,300.00 | $ | $ | $ | $ | $ |
| Dawson, William | M | 3 | 3,520.00 | $ | $ | $ | $ | $ |
| Rivers, Lydia | S | 0 | 3,250.00 | $ | $ | $ | $ | $ |
| Stevenson, Robert | M | 2 | 3,400.00 | $ | $ | $ | $ | $ |
| Totals | $ | $ | $ | $ | $ | $ | ||
Homework Answers
| Deductions | ||||||||
| Name | Marital Status | W/H Allow. | Total Wages | Social Security | Medicare | Federal Income Tax | Total | Net Pay |
| Ali, Kyber | S | 1 | $4,300.00 | $266.60 | $62.35 | $600.40 | $929.35 | $3,370.65 |
| Dawson, William | M | 3 | 3,520.00 | $218.24 | $51.04 | $198.61 | $467.89 | $3,052.11 |
| Rivers, Lydia | S | 0 | 3,250.00 | $201.50 | $47.13 | $421.50 | $670.13 | $2,579.88 |
| Stevenson, Robert | M | 2 | 3,400.00 | $210.80 | $49.30 | $229.99 | $490.09 | $2,909.91 |
| Totals | $14,470.00 | $897.14 | $209.82 | $1,450.50 | $2,557.46 | $11,912.55 | ||
| Federal Income Tax | Marital Status | Gross Earnings | W/H Allow. | Withhoding allowance | Total withholding amt | Amount subect to withholding | Federal Income Tax | |
| Ali, Kyber | S | $4,300.00 | 1 | 329.2 | 329.2 | $3,970.80 | $600.40 | |
| Dawson, William | M | $3,520.00 | 3 | 329.2 | 987.6 | $2,532.40 | $198.61 | |
| Rivers, Lydia | S | $3,250.00 | 0 | 329.2 | 0 | $3,250.00 | $421.50 | |
| Stevenson, Robert | M | $3,400.00 | 2 | 329.2 | 658.4 | $2,741.60 | $229.99 |
Add Answer to:
Use Table 10-3 and Table 10-4 from your textbook to answer the following question. The total...
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The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for...
The payroll records of Speedy Software show the following
information about Marsha Gottschalk, an employee, for the weekly
pay period ending September 30, 2017. Gottschalk is single and
claims one allowance. Compute her Social Security tax (6.2%),
Medicare tax (1.45%), federal income tax withholding, state income
tax (1.0%), and net pay for the current pay period. (Use the
withholding table in Exhibit 11A.6) (Round
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xercise 9-18A Computing gross and net pay LO P5 Lenny Florita, an unmarried employee, works 48 hours in the week ended J...
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Medicare portion),...
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How
do you find the federal income tax deduction? I’ve looked up this
question to see but each question i’ve found is answered
differently.
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The payroll records of Speedy Software show the following
information about Marsha Gottschalk, an employee, for the weekly
pay period ending September 30, 2017. Gottschalk is single and
claims one allowance. Compute her Social Security tax (6.2%),
Medicare tax (1.45%), federal income tax withholding, state income
tax (1.0%), and net pay for the current pay period. (Use the
withholding table in Exhibit 11A.6) (Round
your final answers to 2 decimal places.)
Total (gross) earnings for current pay period
$
730...
Lenny Florita, an unmarried employee, works 50 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),...
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