Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

11-20A (SU U) Lee Werner is general manager of Dunes Town Salons. During 2024, Wemer worked for the company all year at a $11,800 monthly

image text in transcribed
image text in transcribed
11-20A (SU U) Lee Werner is general manager of Dunes Town Salons. During 2024, Wemer worked for the company all year at a $11,800 monthly salary. He also earned a year-end bonus equal to 5% of his annual salary. Werner's federal income tax withheld during 2024 was $1,180 per month, plus $708 on his bonus check. State income tax withheld came to $80 per month, plus $70 on the bonus FICA tax was withheld on the annual earnings. Werner authorized the following payroll deductions: Charity Fund contribution of 1% of total earnings and life insurance of $25 per month Net pay Gross pay 148,680 Withholding deductions, Federal income tax 14868 State income tax 1030 Employee OASDI tax Employee Medicare tax Charity fund contribution Life insurance Total withholdings Net (take-home) pay Choose from any list or enter any number in the input teos and then click Check Answer 4 parts Clear A remaining D of 1% of total.eaminos and life insurance of $25 per More Info - 148 For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%, FUTA: 0.6% on first $7.000 earned. SUTA: 5.4% on first $7,000 earned. Employer: Print Done

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Decision Making And Control

Authors: Jerold Zimmerman

10th International Edition

1260565475, 9781260565478

More Books

Students also viewed these Accounting questions

Question

What is cultural tourism and why is it growing?

Answered: 1 week ago