Question
Jim Moss, an employee of Jones International, worked 49 hours during the week of April 4 th through 10. His rate of pay is $15/hr,
Jim Moss, an employee of Jones International, worked 49 hours during the week of April 4th through 10. His rate of pay is $15/hr, and he receives time-a-half for work in excess of 40 hours per week. Jim is married and claims four allowances on his W-2 form. Jims YTD earnings before this pay period arte $7.600, and his wages are subject to the following deductions:
a. From above, caculate his Federal Income Tax (use Google to search tax schedule)
b. From above, caculate his Social Security tax at 6.2%, with wage limit of $113,700
c. From above, caculate his Medicare tax at 1.45%
d. Assuming the above fact from question a, b, c, and
Medical insurance premium (after-tax), $50
United Way contribution $10
Required: What will be his net pay for that period?
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