Question
In: Finance
Jane Heinlein is the payroll accountant for Sia Lights of Carter, Nebraska. The employees of Sia...
Jane Heinlein is the payroll accountant for Sia Lights of
Carter, Nebraska. The employees of Sia Lights are paid biweekly. An
employee, Melinda Gunnarson, comes to her on September 14 and
requests a pay advance of $825, which she will pay back in equal
parts on the September 28 and October 12 paychecks. Melinda is
single with one withholding allowance and is paid $32,500 per year.
She contributes 1 percent of her pay to a 401(k) plan and has $25
per paycheck deducted for a court-ordered garnishment.
Required:
Compute her net pay for her September 28th paycheck. The state
income tax rate is 6.84 percent. Use the wage-bracket tables in
Appendix C to determine the Federal income tax withholding
amount.
Solutions
Expert Solution
| Gross Income | 32,500 | date | Salary due | Salary paid | Advance taken | Advance returned | NET SALARY PAID | |
| - 401(k)@1% | -325 | 1-Sep | 241.13 | 241.13 | 0 | 0 | 241.13 | |
| Net | 32,175 | 7-Sep | 241.13 | 241.13 | 0 | 0 | 241.13 | |
| marginal federal tax rate is 12% | (3,861) | 14-Sep | 241.13 | 241.13 | -825 | 0 | 1,066.13 | |
| Net | 28,314 | 21-Sep | 241.13 | 241.13 | 0 | 0 | 241.13 | |
| state [email protected]% | (1,937) | 28-Sep | 241.13 | 241.13 | 0 | -412.5 | (171.37) | |
| Net | 26,377 | 5-Oct | 241.13 | 241.13 | 0 | 0 | 241.13 | |
| Per week (52 weeks) | 507.26 | 12-Oct | 241.13 | 241.13 | 0 | -412.5 | (171.37) | |
| -court order deduction | -25 | |||||||
| Net per week | 482.26 | |||||||
| Biweekly | 241.13 | |||||||
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