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How did I find incom tax deduction in this problem? ( use the wage bracket withholding table from Exhibit 9A.6.) Financial Accounting 6th edition Exercise
How did I find incom tax deduction in this problem? ( use the wage bracket withholding table from Exhibit 9A.6.) Financial Accounting 6th edition Exercise 9-16A Gross and net pay computation LO P5 Lenny Florita, an unmarried employee, works 46 hours in the week ended January 12. His pay rate is $13 per hour, and his wages are subject to no deductions other than FICA Social Security, FICA-Medicare, and federal income taxes. He claims two withholding allowances. Compute his regular pay, overtime pay (for this company, workers earn 150% of their regular rate for hours in excess of 40 per week), and gross pay. Then compute his FICA tax deduction (use 6.2% for the Social Security portion and 1.45% for the Medicare portion), income tax deduction (use the wage bracket withholding table from Exhibit 9A.6.), total deductions, and net pay. (Round your intermediate calculations and final answers to 2 decimal places.) Hours Hourly Rate Regular pay 520.00 40 $ 13.00 Overtime pay 117.00 6 S 19.50 637.00 Gross pay FICA Social Security tax deduction FICA- Medicare tax deduction Income tax deduction 39.50 9.24 Total deductions 48.74 Net pay
How did I find incom tax deduction in this problem? ( use the wage bracket withholding table from Exhibit 9A.6.)
Financial Accounting 6th edition
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