Question #1
Karen and Katie are looking at the company’s health care options and trying to determine how much their net pay will decrease if they sign up for the qualified cafeteria plan offered by the company. Karen, a married woman with four exemptions, earns $2,000 per biweekly payroll. Katie, a single woman with one exemption, also earns $2,000 per biweekly payroll. The biweekly employee contribution to health care that would be subject to the cafeteria plan is $100. Compute the taxable income for Karen and Katie.
Karen’s taxable income if she declines to participate in the cafeteria plan $___
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Order Paper NowKaren’s taxable income if she particitipate in the cafeteria plan $___
Katie’s taxable income if she declines to participate in the cafeteria plan $____
Katies’s taxable income if she participate in the cafeteria $______
Question $ 2
Karen and Katie are looking at the company’s health care options and trying to determine how much their net pay will decrease if they sign up for the qualified cafeteria plan offered by the company. Karen, a married woman with four exemptions, earns $2,000 per biweekly payroll. Katie, a single woman with one exemption, also earns $2,000 per biweekly payroll. The biweekly employee contribution to health care that would be subject to the cafeteria plan is $100. Compute the net pay for Karen and Katie. Assume that they are subject to federal income tax (using the wage-bracket method) and FICA taxes and have no other deductions from their pay. When wages fall on the end of a bracket, use the lower end. Use the Wage Bracket Method Tables for Income Tax Withholding inAppendix C. (Round your answers to 2 decimal places.)
Karen’s net pay if she declines to participate in the cafeteria plan $______
Karen’s net pay if she participate in the cafeteria plan $_____
Katie’s net pay if she declines to participate in the cafeteria plan$____
Katie’s net pay if she participate in the cafeteria plan $______
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