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


Related Solutions

Find P(Z ≥ 1.8). Round answer to 4 decimal places.
Find P(Z ≥ 1.8). Round answer to 4 decimal places.
Given that z is a standard normal random variable, find z for each situation. (Round your answers to two decimal places.)
  Given that z is a standard normal random variable, find z for each situation. (Round your answers to two decimal places.) (a) The area to the left of z is 0.1841. (b) The area between −z and z is 0.9398. (c) The area between −z and z is 0.2052. (d) The area to the left of z is 0.9948. (e) The area to the right of z is 0.6915.
Round answers to 5 decimal places. Suppose there are two consumers, A and B, and two...
Round answers to 5 decimal places. Suppose there are two consumers, A and B, and two goods, X and Y. Consumer A is given an initial endowment of 3 units of good X and 7 units of goodY. Consumer B is given an initial endowment of 8 units of good X and 5 units of good Y. ConsumerA’s utility function is given by:UA(X, Y) =X^1/2 Y^1/2 and Consumer B’s utility function is given byUB(X, Y) =X^1/5 Y^4/5. Therefore, the marginal...
a. For each of the following, answer correct to two decimal places Find the area under...
a. For each of the following, answer correct to two decimal places Find the area under the curve y=3x^3+2 Find the area between the curve y=2/x and the x-axis for x between -5 and -4 Find the area between the curve y=x^2-3x and the x-axis for x between 2 and 7 Find the area bounded by the curves y=6x^3+1 and y=6x+1 b. The birth rate in a certain city is described by the following function . The city's death rate...
Find the interest rates earned on each of the following. Round each answer to two decimal...
Find the interest rates earned on each of the following. Round each answer to two decimal places. You borrow $750 and promise to pay back $795 at the end of 1 year. % You lend $750 and the borrower promises to pay you $795 at the end of 1 year. % You borrow $71,000 and promise to pay back $467,185 at the end of 12 years. % You borrow $14,000 and promise to make payments of $3,693.20 at the end...
Find c such that each of the following is true. (Round your answers to two decimal...
Find c such that each of the following is true. (Round your answers to two decimal places.) (a)    p(0 < z < c) = 0.1349 c = (b)    p(c < z < 0) = 0.4845 c = (c)    p(−c < z < c) = 0.4640 c = (d)    p(z > c) = 0.6075 c = (e)    p(z > c) = 0.0531 c = (f)    p(z < c) = 0.1003
Find the value x for which: (Round your answers to 3 decimal places. You may find...
Find the value x for which: (Round your answers to 3 decimal places. You may find it useful to reference the appropriate table: chi-square table or F table) x a. P( χ^2 25 ≥ x) = 0.005 b. P( χ^2 25 ≥ x) = 0.010 c. P( χ^2 25  <   x) = 0.005 d. P( χ^2 25 < x) = 0.010
Find the value x for which: (Round your answers to 2 decimal places. You may find...
Find the value x for which: (Round your answers to 2 decimal places. You may find it useful to reference the appropriate table: chi-square table or F table) x a. P(F(7,13) ≥ x) = 0.100 2.23 2.23 Correct b. P(F(7,13) ≥ x) = 0.010 4.44 4.44 Correct c. P(F(7,13) < x) = 0.100 0.14 0.14 Incorrect d. P(F(7,13) < x) = 0.010 0.26 0.26 Incorrect
Find the value x for which: (Round your answers to 3 decimal places. You may find...
Find the value x for which: (Round your answers to 3 decimal places. You may find it useful to reference the appropriate table: chi-square table or F table) x a . P( χ217 ≥ x) = 0.900 b. P( χ217 ≥ x) = 0.950 c. P( χ217  <   x) = 0.900 d. P( χ217 < x) = 0.950
Round the answers to two decimal places in percentage form. (Write the percentage sign in the...
Round the answers to two decimal places in percentage form. (Write the percentage sign in the "units" box). Balance Sheet December 31, 2010 Cash and marketable securities $102,000 Accounts payable $287,000 Accounts receivable $299,000 Notes payable $61,200 Inventories $628,000 Accrued expenses $51,900 Prepaid expenses $10,300 Total current liabilities $400,100 Total current assets $1,039,300 Long-term debt $415,000 Gross fixed assets $1,502,000 Par value and paid-in-capital $376,000 Less: accumulated depreciation $312,000 Retained Earnings $1,038,200 Net fixed assets $1,190,000 Common Equity 1,414,200 Total...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT