Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Joseph O'Neil has a bonus of 85000 aggregated to his paycheck of 2307.69. HIs is married and has 3 allowances. He is paid biweekly. I

Joseph O'Neil has a bonus of 85000 aggregated to his paycheck of 2307.69. HIs is married and has 3 allowances. He is paid biweekly. I have to use the 2019 tax tables. He is also contributing 4000 to his simple IRA (it's within the 13000 limits for 2019).

This is what I have

85000 bonus + 2307.69= 87307.69

87307.69-4000=83307.69

83307.69-(161.50*3) =82823.19

82823.19 taxable income Anything over 24006 is taxed at 37% PLUS +6335.10

I have his FIT at 28097.46

I am not sure that I have this calculated out correctly and my net pay is off from the check figures in the book. Please help.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Research Methods

Authors: Phyllis Tharenou, Ross Donohue, Brian Cooper

1st Edition

0521694280, 9780521694285

More Books

Students also viewed these Accounting questions

Question

Can you draw a definitive line for your credo from this case?

Answered: 1 week ago

Question

Be straight in the back without blowing out the chest

Answered: 1 week ago

Question

Wear as little as possible

Answered: 1 week ago

Question

Be relaxed at the hips

Answered: 1 week ago