Question
Calculate gross pay for the weekly pay period, then determine taxable income used to calculate federal income tax withholding, Social Security, and Medicare tax. An
Calculate gross pay for the weekly pay period, then determine taxable income used to calculate federal income tax withholding, Social Security, and Medicare tax.
An employee works 48 hours (48 - 40 were overtime hours) during a workweek in December of 2019. He earns $8,000/month, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $110,300 during the year. He has requested that his employer withhold 11.5% 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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Financial Accounting
Authors: Warren, Reeve, Duchac
12th Edition
1133952410, 9781133952411, 978-1133952428
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