Question
In: Accounting
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)
Solutions
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 2 years agoRelated Solutions
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C++
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For each of the following employees, calculate the Social
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1: Ronald McCarthy earned gross pay of $925. Each period he
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2: Jill...
For each of the following employees, calculate the Medicare tax for the weekly pay period described:...
For each of the following employees, calculate the Medicare tax
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1: Mark Dailey's filing status is Married Filing Jointly, and he
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For each of the following employees, calculate the Medicare tax for the weekly pay period described:...
For each of the following employees, calculate the
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______________
Using percentage method: Federal income...
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