Compute the net pay for Karen Wilson and Katie Smith. Assume that they are paid biweekly, subject to federal income tax (use the wage-bracket method) and FICA taxes, and have no other deductions from their pay. They have a state tax rate of 3 percent. If they choose to participate in the cafeteria plan, the deduction for the pay period is $100; otherwise, there is no deduction for the cafeteria plan. The cafeteria plan qualifies under Section 125. You do not need to complete the number of hours. Use the Wage Bracket Method Tables for Income Tax Withholding in Appendix C. (Round your intermediate calculations and final answers to 2 decimal places.) Name M/S No. of Overtime Hours No. of Holiday Hours Commissions Gross Earnings Section 125 Taxable Wages for Federal W/H Taxable Wages for FICA . Hourly Rate No. of # W/H or Period Regular wage Hours 4 $ 2,000.00 4 $ 2,000.00 1 $ 2,000.00 1 $ 2,000.00 Karen Wilsonno cafeteria plan Karen Wilson-cafeteria plan Katie Smithno cafeteria plan Katie Smith-cafeteria plan M S S Name Taxable Gross Earnings Wages for Federal W/H Taxable Wages for FICA Federal W/H Social Security Tax Medicare W/H State W/H Tax Net Pay Karen Wilsonno cafeteria plan Karen Wilsoncafeteria plan Katie Smithno cafeteria plan Katie Smith-cafeteria plan Compute the net pay for Karen Wilson and Katie Smith. Assume that they are paid biweekly, subject to federal income tax (use the wage-bracket method) and FICA taxes, and have no other deductions from their pay. They have a state tax rate of 3 percent. If they choose to participate in the cafeteria plan, the deduction for the pay period is $100; otherwise, there is no deduction for the cafeteria plan. The cafeteria plan qualifies under Section 125. You do not need to complete the number of hours. Use the Wage Bracket Method Tables for Income Tax Withholding in Appendix C. (Round your intermediate calculations and final answers to 2 decimal places.) Name M/S No. of Overtime Hours No. of Holiday Hours Commissions Gross Earnings Section 125 Taxable Wages for Federal W/H Taxable Wages for FICA . Hourly Rate No. of # W/H or Period Regular wage Hours 4 $ 2,000.00 4 $ 2,000.00 1 $ 2,000.00 1 $ 2,000.00 Karen Wilsonno cafeteria plan Karen Wilson-cafeteria plan Katie Smithno cafeteria plan Katie Smith-cafeteria plan M S S Name Taxable Gross Earnings Wages for Federal W/H Taxable Wages for FICA Federal W/H Social Security Tax Medicare W/H State W/H Tax Net Pay Karen Wilsonno cafeteria plan Karen Wilsoncafeteria plan Katie Smithno cafeteria plan Katie Smith-cafeteria plan