Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Christine Erickson is the payroll accountant for Multi Winds Energy of Lincoln, Nebraska. The employees of Multi Winds Energy are paid biweekly. An employee, Linda

image text in transcribed
Christine Erickson is the payroll accountant for Multi Winds Energy of Lincoln, Nebraska. The employees of Multi Winds Energy are paid biweekly. An employee, Linda Larson, comes to her on September 9 and requests a pay advance of $1,000, which she will pay back in equal parts on the September 24 and October 22 paychecks. Linda is single with no dependents and is paid $52,500 per year. She contributes 5 percent of her pay to a 401(k) plan and has $250 per paycheck deducted for a court-ordered garnishment. Assume that no pre-tax deductions exist for any employee and box 2 is not checked. Required: Compute her net pay for her September 24 paycheck. Her state income tax rate is 6.84 percent. Use the wage-bracket tables in Appendix C to determine the federal income tax withholding amount. You do not need to complete the number of hours. (Round your intermediate calculations and final answer to 2 decimal places.) X Answer is complete but not entirely correct. Net pay $ 1,030 15 X

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

Horngrens Financial And Managerial Accounting The Managerial Chapters

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura

6th Edition

0134486854, 978-0134486857

More Books

Students also viewed these Accounting questions

Question

What reward will you give yourself when you achieve this?

Answered: 1 week ago