Question# 1

Tooka’s Trees in Auburn, Tennessee, has six employees who are paid biweekly. Calculate the net pay from the information provided below for the November 15 pay date. Assume that all wages are subject to Social Security and Medicare taxes. Use the wage-bracket method of determining federal income tax. All 401(k) and Section 125 amounts are pre-tax deductions. The wages are not subject to state taxes. Use the Wage Bracket Method Tables for Income Tax Withholding in Appendix C. (Round your intermediate calculations and final answers to 2 decimal places.)

Required:

a.

T. Taylor

Single, four withholdings

Gross pay: $1,500 per period

401(k) deduction: $125 per pay period

b.

B. Walburn

Married, six withholdings

Gross pay: $2,225 per period

401(k) deduction: $250 per period

c.

H. Carpenter

Single, no withholdings

Gross pay: $2,100 per period

Section 125 deduction: $75 per period

401(k) deduction: $50 per period

d.

J. Knight

Married, three withholdings

Gross pay: $1,875 per period

United Way deduction: $50 per period

Garnishment: $50 per period

e.

C. Lunn

Single, one withholding

Gross pay: $1,200 per period

Section 125 withholding: $50 per period

401(k) deduction: 6% of gross pay

f.

E. Smooter

Married, eight withholdings

Gross pay: $2,425 per period

401(k) deduction: $75 per period

Tooka’s Trees in Auburn, Tennessee, has six employees who are paid biweekly. Calculate the net pay from the information provided below for the November 15 pay date. Assume that all wages are subject to Social Security and Medicare taxes. Use the wage-bracket method of determining federal income tax. All 401(k) and Section 125 amounts are pre-tax deductions. The wages are not subject to state taxes. Use the Wage Bracket Method Tables for Income Tax Withholding in Appendix C. (Round your intermediate calculations and final answers to 2 decimal places.)

Required:

a.

T. Taylor

Single, four withholdings

Gross pay: $1,500 per period

401(k) deduction: $125 per pay period

b.

B. Walburn

Married, six withholdings

Gross pay: $2,225 per period

401(k) deduction: $250 per period

c.

H. Carpenter

Single, no withholdings

Gross pay: $2,100 per period

Section 125 deduction: $75 per period

401(k) deduction: $50 per period

d.

J. Knight

Married, three withholdings

Gross pay: $1,875 per period

United Way deduction: $50 per period

Garnishment: $50 per period

e.

C. Lunn

Single, one withholding

Gross pay: $1,200 per period

Section 125 withholding: $50 per period

401(k) deduction: 6% of gross pay

f.

E. Smooter

Married, eight withholdings

Gross pay: $2,425 per period

401(k) deduction: $75 per period

* Taxable income for federal income tax is based on gross pay – 401(k) – Section 125 (where applicable)

** Taxable income for Social Security and Medicare taxes is based on gross pay – Section 125 (where applicable)

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Here’s the appendix chart below.


Question 2

The following employees of CIBA Ironworks in Bristol, Illinois, are paid in different frequencies. Some employees have union dues or garnishments deducted from their pay. Calculate their net pay. (Use the wage-bracket tables in Appendix Cwhen applicable, otherwise the percentage method should be used.) No employee has exceeded the maximum FICA limits. The state tax rate for Illinois is 3.75%. (Round your intermediate calculations and final answers to 2 decimal places.)


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