For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income tax withholding, Social Security tax, and Medicare tax.

NOTE:For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.

1:

An employee works 47 hours (47 - 40 were overtime hours) during a workweek in October of 2019. The employee earns $46/hour, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $135,750 during the present year. He has requested that his employer withhold 7% of gross pay, which is to be contributed to a 401(k) plan.

Taxable income for federal income tax withholding = $

Taxable income for social security tax = $

Taxable income for medicare tax = $

2:

An employee works 35 regular hours during a workweek in September of 2019. The employee was hired twelve years ago, earns a salary of $122,500/year and is exempt from the overtime provisions of the FLSA. To date, he has received no compensation beyond his annual salary. He has requested that his employer withhold 10% of gross pay, which is to be contributed to a 403(b) plan.

Taxable income for federal income tax withholding = $

Taxable income for social security tax = $

Taxable income for medicare tax = $

3:

An employee works 55 hours (55 - 40 were overtime hours) during a workweek in November of 2019. The employee earns $10,300/month, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $130,440 during the year. He has requested that his employer withhold 10.5% of gross pay, which is to be contributed to a 401(k) plan.

Taxable income for federal income tax withholding = $

Taxable income for social security tax = $

Taxable income for medicare tax