Question
Hello, I am struggling to grasp the FIT. Please provide a breakdown on how you obtained the answer. Thanks! The following employees of CIBA Ironworks
Hello,
I am struggling to grasp the FIT. Please provide a breakdown on how you obtained the answer. Thanks!
The following employees of CIBA Ironworks in Bristol, Illinois, are paid in different frequencies. Some employees have union dues or garnishments deducted from their pay. Required: Calculate their net pay using the percentage method in Appendix C (or the IRS federal income tax assistant or IRS Publication 15-T). Include Illinois income tax of 4.95 percent of taxable pay. No employee has exceeded the maximum FICA limits. You do not need to complete the number of hours. Assume that box 2 is not checked for all employees. (Round your intermediate calculations and final answers to 2 decimal places.)
Employee | Pay Frequency | Filing Status/Dependents | Pay | Union Dues | Garnishment per Period | Net Pay |
C. Whaley | Weekly | MJ-0 | $660 | $50 | ||
F. Paguaga | Semi-monthly | MJ-2 (<17) | $3,180 | $120 | ||
K. Harvey | Monthly | S-1 (Other) | $8,950 | $240 | $75 | |
L. Bolling | Biweekly | MJ-0 | $2,530 | $100 |
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