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I need help with the second part, specifically how to find out federal withholding. Compute the net pay for Will Barrett and Eric Martin by
I need help with the second part, specifically how to find out federal withholding.
Compute the net pay for Will Barrett and Eric Martin by completing the payroll register below. Assume that they are paid biweekly, subject to federal income tax (using the wage-bracket method in Appendix C) and FICA taxes, and have no other deductions from their pay. Will's deduction if he chooses to participate in the qualified cafeteria plan is $75Eric's is $250. There is no deduction if they do not participate in the qualified cafeteria plan. (Round your intermediate calculations and final answers to 2 decimal places.) Taxable Hourly Rate Taxable # of M/S Gross Name Cafeteria W/H or Period Earning 401(k) Wages for Plan Wages for wage Federal W/H FICA Will Barrett - no cafeteria plan S 1 $ 1,200.00 $ 1,200.00 $ 0.00 $ 0.00 $ 1,200.00 $ 1,200.00 Will Barrett - cafeteria plan S $ 1,200.00 $ 1,200.00 $ 0.00 $ 75.00 $ 1,125.00 $ 1,125.00 Eric Martin - no cafeteria plan M 6 $ 1,900.00 $ 1.900.00 $ 0.00 $ 0.00 $ 1,900.00 $ 1,900.00 Eric Martin - cafeteria plan M 6 $ 1,900.00 $ 1,900.00 $ 0.00 $ 250.00 $ 1,650.00 $ 1,650.00 Totals $ 6,200.00 $ 325.00 $ 5,875.00 $ 5.875.00 Taxable Taxable Name Social Medicare State Income Wages for Wages for Federal W/H Net Pay W/H Security Tax Tax Federal W/H FICA Will Barrett - no cafeteria plan $ 1,200.00 $ 1,200.00 $ 1,200.00 $ 155.80 Will Barrett - cafeteria plan $ 1,200.00 $ 1,125.00 $ 1,125.00 Eric Martin - no cafeteria plan $ 1,900.00 $ 1,900.00 $ 1,900.00 Eric Martin - cafeteria plan $ 1,900.00 $ 1,650.00 $ 1,650.00 Totals $ 6.200.00 $ 5.875.00 $ 5.875.00 $ 155.80 $ 0.00 $ 0.00 $ 0.00 Gross Earning Compute the net pay for Will Barrett and Eric Martin by completing the payroll register below. Assume that they are paid biweekly, subject to federal income tax (using the wage-bracket method in Appendix C) and FICA taxes, and have no other deductions from their pay. Will's deduction if he chooses to participate in the qualified cafeteria plan is $75Eric's is $250. There is no deduction if they do not participate in the qualified cafeteria plan. (Round your intermediate calculations and final answers to 2 decimal places.) Taxable Hourly Rate Taxable # of M/S Gross Name Cafeteria W/H or Period Earning 401(k) Wages for Plan Wages for wage Federal W/H FICA Will Barrett - no cafeteria plan S 1 $ 1,200.00 $ 1,200.00 $ 0.00 $ 0.00 $ 1,200.00 $ 1,200.00 Will Barrett - cafeteria plan S $ 1,200.00 $ 1,200.00 $ 0.00 $ 75.00 $ 1,125.00 $ 1,125.00 Eric Martin - no cafeteria plan M 6 $ 1,900.00 $ 1.900.00 $ 0.00 $ 0.00 $ 1,900.00 $ 1,900.00 Eric Martin - cafeteria plan M 6 $ 1,900.00 $ 1,900.00 $ 0.00 $ 250.00 $ 1,650.00 $ 1,650.00 Totals $ 6,200.00 $ 325.00 $ 5,875.00 $ 5.875.00 Taxable Taxable Name Social Medicare State Income Wages for Wages for Federal W/H Net Pay W/H Security Tax Tax Federal W/H FICA Will Barrett - no cafeteria plan $ 1,200.00 $ 1,200.00 $ 1,200.00 $ 155.80 Will Barrett - cafeteria plan $ 1,200.00 $ 1,125.00 $ 1,125.00 Eric Martin - no cafeteria plan $ 1,900.00 $ 1,900.00 $ 1,900.00 Eric Martin - cafeteria plan $ 1,900.00 $ 1,650.00 $ 1,650.00 Totals $ 6.200.00 $ 5.875.00 $ 5.875.00 $ 155.80 $ 0.00 $ 0.00 $ 0.00 Gross EarningStep by Step Solution
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