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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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