Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lenny Fiorita, an unmarried employee, works 52 hours in the week ended January 12. His pay rate is $12 per hour, and his wages have

image text in transcribed
image text in transcribed
Lenny Fiorita, an unmarried employee, works 52 hours in the week ended January 12. His pay rate is $12 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims three withholding allowances Compute his regular pay, overtime pay (Lenny earns 518 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 145% for the Medicare portion), income tax deduction (use the wage brackdt withholding table from Exhibit 98.6), total deductions, and net pay. (Round your intermediate calculations and final answers to 2 decimal places.) Answer is complete but not entirely correct. Hours Hourly Rate Regular pay 40 12.00 $ 480.00 Overtime bomum pay 12 18.00 216.00 600.00 FICA Social Security tax deduction $ 43:15 FICA-Modicate tax deduction 1000 Income tax deduction 71,00 Teduction 12424 Gross Answer is complete but not entirely correct. Hourly Rate 12.00 18.00 480.00 216.00 696.00 Hours Regular pay 40 Overtime premium pay 12 Gross pay FICA-Social Security tax deduction FICA-Medicare tax deduction Income tax deduction Total deductions 43.15 10.09 71.00 124.24 571.76 Net pay

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

Entrepreneurship

Authors: Andrew Zacharakis, William D Bygrave

5th Edition

1119563097, 9781119563099

Students also viewed these Accounting questions