Question
1:An employee works 42 hours (42 - 40 were overtime hours) during a workweek in December of 2019. He earns $40.50/hour, with his employer paying
1:An employee works 42 hours (42 - 40 were overtime hours) during a workweek in December of 2019. He earns $40.50/hour, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $132,300 during the year. He has requested that his employer withhold 7% of gross pay, which is to be contributed to a 403(b) plan.
Taxable income for federal income tax withholding = $ Taxable income for social security tax = $ Taxable income for medicare tax = $
2. An employee works 36 regular hours during a workweek in August of 2019. He was hired four years ago, earns a salary of $135,500/year, and is exempt from the overtime provisions of the FLSA. To date, he has received no compensation beyond his annual salary. He has requested that his employer withhold 6.5% of gross pay, which is to be contributed to a 401(k) plan.
Taxable income for federal income tax withholding = $ Taxable income for social security tax = $ Taxable income for medicare tax = $
3:An employee works 52 hours (52 - 40 were overtime hours) during a workweek in December of 2019. He earns $9,000/month, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $109,900 during the year. He has requested that his employer withhold 12% of gross pay to contribute to a 403(b) plan.
Taxable income for federal income tax withholding = $ Taxable income for social security tax = $ Taxable income for medicare tax = $
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