Compute the deductions, net pay, and accumulated gross earnings for each weekly pay period. Assume that...

Compute the deductions, net pay, and accumulated gross earnings for each weekly pay period. Assume that Joseph is single and that $28.25 was withheld for medical insurance (pre-tax) and $20 for his United Way contribution. Use the wage bracket method to determine federal income tax. Round answers to the nearest hundredth. Gross Earnings(650.95) Allow.(1) Fed. Inc. Tax Social Security (6.2%)Medicare (1.45%) Medical Insurance Pre-tax United Way Total Deductions Net Pay Accum. Gross Earnings ($1,558.90)

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Expert Solution

Gross Earnings	Allow.	Fed. Inc.Tax	Social Security	Medicare	Medical Insurance Pre tax	United Way	Total Deductions	Net Pay	Accum. Gross Earnings
			6.20%	1.45%	Pre-tax				$1,558.90
$ 650.95	1	$ 52.53	$ 40.36	$ 9.44	$ 28.25	$ 20.00	$ 150.58	$ 500.37	$2,209.85

Taxable Income = $700 - $28.25	$ 622.70
Fed.inc.tax =( $622.70 - $184.97) x 12%	$ 52.53
Used 2019 wages tax bracket

ekkarill92 answered 1 year ago

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