Compute the net pay for each employee using the federal income tax withholding table in Figure 7.2
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Compute the net pay for each employee using the federal income tax withholding table in Figure 7.2 . Assume that FICA OASDI tax is 6.2% on a wage base limit of $127,200; Medicare is 1.45% on all earnings, the payroll is paid biweekly, and no state income tax applies.
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Employee Status Allowances Cumulative Pay Biweekly Pay Li Kan Single 1 $57,500 $1,720 David Parker Single 63,700 1,570
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College Accounting A Practical Approach
ISBN: 9780134729312
14th Edition
Authors: Jeffrey Slater, Mike Deschamps
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