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:
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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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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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