Answered step by step
Verified Expert Solution
Question
1 Approved Answer
(1-5) is the whole question. thank you Sierra Sports employs several people, but we will look at one specific employee for this example. Billie Sanders
(1-5) is the whole question. thank you
Sierra Sports employs several people, but we will look at one specific employee for this example. Billie Sanders works for Sierra Sports and earns a salary each month of $2,000. . . Withholdings for federal taxes equal $300 Withholdings of state income taxes equal $100. FICA Social Security is taxed at the 6.2% rate FICA Medicare is taxed at the 1.45% rate. Sierra Sports receives the FUTA credit and is only taxed at the rate of 0.6% (as a decimal this is .006) SUTA taxes are $50 Billie has voluntary deductions for health insurance and a 401(k) retirement contribution She is responsible for 40% of her $400 health-care insurance premium; Sierra Sports pays the remaining 60% of the health insurance premiumlas explained in employer payroll). Billie's 401(k) contributions total $500. o Using the information above, calculate the following: 1) Billie's gross pay 2) Billie's net pay 3) Billie's portion of health insurance 4) Employer's payroll tax expense 5) Employer's portion of health insurance Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started