Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need to know how to calculate this An employee works 43 hours (43 - 40 were overtime hours) during a workweek in December of
I need to know how to calculate this
An employee works 43 hours (43 - 40 were overtime hours) during a workweek in December of 2019. He earns $42/hour, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $132,300 during the year. He has requested that his employer withhold 6.5% 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 = $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started