Question

In: Accounting

Round to two decimal places at each calculation. Find the Taxable income for federal income tax...

Round to two decimal places at each calculation. Find the Taxable income for federal income tax withholding = $ Taxable income for social security tax = $ Taxable income for Medicare tax for a,b,c for this question.

1a. An employee works 42 hours (42-40 were overtime hours) during a workweek in December of 2016. He earns $40.50/hour, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $117,900 during the year. He has requested that his employer withhold 7% of gross pay, which is to be contributed to a 403(b) plan.

1b. An employee works 37 regular hours during a workweek in August of 2016. The employee earns a salary of $126,500/year and is exempt from the overtime provisions of the FLSA. To date, he has received no compensation beyond his annual salary. He has requested that his employer withhold 8% of gross pay, which is to be contributed to a 401(k) plan.

1c. An employee works 50 hours (50-40 were overtime hours) during a workweek in December of 2016. He earns $9,500/month, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $109,700 during the year. He has requested that his employer withhold 13% of gross pay to contribute to a403(b)plan.

Solutions

Expert Solution

1a.

Earnings till now

   117,900.00

Add: Wages

40 hours @40.50 per hour

       1,620.00

2 Hours @ 60.75

           121.50

Gross pay

   119,641.50

Less: With holding

       8,374.91

Taxable income

   111,266.60

1b.

Gross salary

   126,500.00

Less: With holding

     10,120.00

Taxable income

   116,380.00

1c.

Earnings till now

   109,700.00

Add: Wages

40 hours

       2,375.00

10 Hours @ 1.5 times

           890.63

Gross pay

   112,965.63

Less: With holding

     14,685.53

Taxable income

     98,280.09


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