Hourly Rate Current Earnings FIT SS MEDI SIT NET PAY Paige Karen Gary Greg Laura James William Van Joseph Joan Pay Type Salary Salary Salary Salary Salary Hourly Hourly Hourly Hourly Hourly Annual Salary $ 150,000.00 $ 75,000.00 $ 45,110.00 $ 47,840.00 $ 135,000.00 Federal W/H SO M, 3 M, 4 M, 1 M, 3 S, 2 M, O M, 2 S, 1 M, 5 State WIH 1.3% 1.8% 2.7% 5.1% 4.2% 1.3% 1.8% 2.7% 5.1% 4.2% $ $ $ $ $ $ $ $ $ $ Calculate FIT, SIT, SS & MEDICARE W/H, and NET Pay. Prior YTD Hours Regular Overtime Earnings Week 1 Week 2 Earnings Earnings 130,680.00 40 40 63,000.00 40 40 32,500.00 45 40 36,500.00 42 44 133,500.00 40 40 14,500.00 35 40 22,300.00 45 30 17,250.00 37 43 5,125.00 42 44 33,640.00 46 34 $ 12.90 $ 16.00 $ 11.50 $ 12.50 $ 18.10 Social Security Maximum Social Security Rate Medicare Rate $ 132,900.00 6.20% 1.45% Instructions: All Employees are paid BIWEEKLY. Overtime is paid to ALL employees for all hours over 40 in a work week. (Salaried employees are NON-Exempt and eligible for Overtime) Salaried employees ARE ELIGIBLE from overtime. You will need to calculate their biweekly gross (current earnings) based upon annual salary. Calculate the FIT, SS, Medi, SIT, and Net pay for each employee. Take note that some employees will be affected by the Social Security Maximum wage limit. Use the Tax tables located in Appendix C of the textbook to calculate FIT withholding. You can use either the tax tables or the percentage method. Note on some employees you will need to use the percentage method. Hourly Rate Current Earnings FIT SS MEDI SIT NET PAY Paige Karen Gary Greg Laura James William Van Joseph Joan Pay Type Salary Salary Salary Salary Salary Hourly Hourly Hourly Hourly Hourly Annual Salary $ 150,000.00 $ 75,000.00 $ 45,110.00 $ 47,840.00 $ 135,000.00 Federal W/H SO M, 3 M, 4 M, 1 M, 3 S, 2 M, O M, 2 S, 1 M, 5 State WIH 1.3% 1.8% 2.7% 5.1% 4.2% 1.3% 1.8% 2.7% 5.1% 4.2% $ $ $ $ $ $ $ $ $ $ Calculate FIT, SIT, SS & MEDICARE W/H, and NET Pay. Prior YTD Hours Regular Overtime Earnings Week 1 Week 2 Earnings Earnings 130,680.00 40 40 63,000.00 40 40 32,500.00 45 40 36,500.00 42 44 133,500.00 40 40 14,500.00 35 40 22,300.00 45 30 17,250.00 37 43 5,125.00 42 44 33,640.00 46 34 $ 12.90 $ 16.00 $ 11.50 $ 12.50 $ 18.10 Social Security Maximum Social Security Rate Medicare Rate $ 132,900.00 6.20% 1.45% Instructions: All Employees are paid BIWEEKLY. Overtime is paid to ALL employees for all hours over 40 in a work week. (Salaried employees are NON-Exempt and eligible for Overtime) Salaried employees ARE ELIGIBLE from overtime. You will need to calculate their biweekly gross (current earnings) based upon annual salary. Calculate the FIT, SS, Medi, SIT, and Net pay for each employee. Take note that some employees will be affected by the Social Security Maximum wage limit. Use the Tax tables located in Appendix C of the textbook to calculate FIT withholding. You can use either the tax tables or the percentage method. Note on some employees you will need to use the percentage method
