Question

In: Accounting

Herman Swayne is a waiter at the Dixie Hotel. In his first weekly pay in March,...

Herman Swayne is a waiter at the Dixie Hotel. In his first weekly pay in March, he earned $360.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($700.00), and the employer withholds the appropriate taxes for the tips from this first pay in March.

Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, married, 2 allowances), social security taxes, and state income tax (2%).

Enter deductions beginning with a minus sign (-).

Click here to access the Wage-Bracket Method Tables.

Gross pay $
Federal income tax
Social security taxes - OASDI
Social security taxes - HI
State income tax
Net pay $

Solutions

Expert Solution

Gross Pay $ 360
Federal Income Tax - $ 95
Social Security Taxes - OASDI - $ 65.72
Social Security Taxes - HI - $ 15.37
State Income Tax - $ 21.20
Net Pay $ 162.71

ekkarill92 answered 3 years ago
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