Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Answer the following questions in full. 1 . Pam is compensated with an annual salary of $ 1 3 0 , 0 0 0 paid

Answer the following questions in full.
1. Pam is compensated with an annual salary of $130,000 paid biweekly. Her regular workweek consists of four 10-hour days, and she is eligible for overtime at 1.5 times pay for any work in excess of his regular requirements. Pam worked regular hours for the first two weeks. Over the next two weeks, Pam worked her regular hours and became eligible for 11 hours of overtime. During these two weeks, she worked her regular shift on Christmas Eve but her employer had agreed to give her another day off with pay in the future.
a. Determine Pam's gross earnings for the first two-week pay period.
b. Determine Pam's gross earnings for the second two-week pay period.
2. Sam has taxable gross income of $214,500.
c. Calculate the federal at a simple rate of 10%
d. Calculate the state annual income taxes individually for the 3 states seen below.
e. Then sum the amounts to calculate the total annual income taxes.
1.
a. Tax rates in the following states are:
i. Maine 13.25%
ii. Massachusetts 17.5%
iii. Tennessee Tax Free
iv. All federal rates 10%
4. Your boss recently conducted a performance review, the time has come to discuss your raise. Currently, you earn $40,625 annually. Your boss has offered you a new salary of $43,000 annually. You know last year that the CPI was 104.1 and this year it sits at 106.6.
f. Assess the salary offer.

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

Factory Accounts

Authors: John Whitmore

1st Edition

0367494825, 9780367494827

More Books

Students also viewed these Accounting questions