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 50 hours (50-40 were overtime hours) during a workweek in December of 2015. He earns $9,500/month, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $109,700 during the year. He has requested that his employer withhold 13% 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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