Question
Jim Waters is a diesel mechanic working on truck engines for Hunter Trucking. His weekly pay is $712.00 for a 40-hour workweek, but he is
Jim Waters is a diesel mechanic working on truck engines for Hunter Trucking. His weekly pay is $712.00 for a 40-hour workweek, but he is paid time-and-a-half for all overtime. He is married and claims two withholding allowances. Deductions include FICA, Medicare, federal withholding using the percentage method, state disability insurance of 1%, state withholding at 3.5%, credit union payments of $125, retirement deductions of $55, association dues of $20, and a contribution to the Red Cross of $25. Find the taxes/withholdings/deductions and net pay for a 50-hour work week. SHOW ALL WORK.
(disregarding overtime)
_________________
|
_____________+____________ Regular earnings Overtime earnings | Jims Gross Earnings for the 50-hr work week
|
| 3. FICA (6.2%) | 4. Medicare (1.45%) | 5. Federal withholding p.258 - green handout - percentage method |
| 6. State disability insurance (1%) | 7. State withholding (3.5%) | 8. Other deductions |
Total Deductions: NET PAY:
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Global Financial Accounting And Reporting Principles And Analysis
Authors: Peter J. Walton, Walter Aerts
3rd Edition
1408062860, 9781408062869
