Lab 6
Return to question 1 8 points Compute the net pay for Karen Wilson and Katie Smith. Assume that they are paid a $3,040 salary biweekly, subject to federal income tax (use the wage-bracket method) in Appendix C and FICA taxes, and have no other deductions from their pay. They have a state tax rate of 3 percent. If they choose to participate in the cafeteria plan, the deduction for the pay period is $100; otherwise, there is no deduction for the cafeteria plan. The cafeteria plan qualifies under Section 125. You do not need to complete the number of hours. Additional information for Karen: Box 2 is not checked and the dependents are under 17. Additional information for Katie: Box 2 is checked. (Round your intermediate calculations and final answers to 2 decimal places.) X Answer is not complete. Name Filing Status No. of Regular Hours No. of Overtime Hours No. of Holiday Hours Commissions Gross Earnings MJ-2 Karen Wilson-no cafeteria plan Karen Wilson-cafeteria plan Katie Smith no cafeteria plan Katie Smith-cafeteria plan Taxable Taxable Wages for Section 125 Federal Wages for State W/H WM FICA $ 3,040.00 $3,040,00 100.00 $ 2,940.00 $ 2,940 00 $ 3,040,00s 3,040.00 100.00 $ 2.940.00 $ 2,940.00% $ X $ IS 3,040.00 $ 3,040.00 $ IS 3,040.00 S $ 3,040.00 MJ-2 SO S S-0 Hourly Rate or Period wage $ 3,040.00 $ 3,040.00 $ 3.040.00 $ 3,040,00 Taxable Wages for Federal State WH $ 3,040.00 $ 2,940.00 $ 3,040.00 $ 2,940,00 Name Gross Earnings Taxable Wages for FICA Federal WIH Social Security Tax Medicare WH Tax State WIH Tax Net Pay Karen Wilson-no cafeteria plan Karen Wilson-cafeteria plan Katie Smith-no cafeteria plan Katie Smith-cafeteria plan IS 3,040.00 $ 3,040.00 $ 3,040.00 $ 3,040.00 $ 3,040.00 $ 2.940.00 $ 3.040.00 $ 2.940.00 Unit 6 Lab Assignment i Saving Help Save & Exit Sul Check my wc 2 Tooka's Trees in Auburn, Tennessee, has six employees who are paid biweekly. Assume that all wages are subject to Social Security and Medicare taxes. All 401(k) and Section 125 amounts are pre-tax deductions. The wages are not subject to state taxes. You do not need to complete the number of hours, 8 points Required: Calculate the net pay from the information provided below for the November 15 pay date. Use the percentage method in Appendix C (or the IRS federal income tax assistant or IRS Publication 15-T) to compute federal income taxes. Assume that box 2 is not checked for all employees. (Round your intermediate calculations and final answers to 2 decimal places.) eBook Hint T Taylor Single, two dependents
