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 1 year agoRelated Solutions
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