Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Lenny Florita, an unmarried employee, works 50 hours in the week ended January 12. His pay rate is $12 per hour, and his wages have
Lenny Florita, an unmarried employee, works 50 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 four withholding allowances. Compute his regular pay, overtime pay (Lenny earns $18 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 1.45% for the Medicare portion), income tax deduction (use the wage bracket withholding table from Exhibit 9A.6), total deductions, and net pay. (Round your intermediate calculations and final answers to 2 decimal places.) Hours Hourly Rate Regular Overtime pay Gross pay FICASocial Security tax deduction FICAMedicare tax deduction Income tax deduction Total deductions Net pay If the wages are- But less At least than SINGLE Persons-WEEKLY Payroll Period And the number of withholding allowances claimed is- 3 5 6 7 The amount of Income tax to be withheld is, $49 10 $ $ $0 $ 50 00 00 00 NNNNN 100000000 11000 ON 00010 NMTONDON WOOVOU OWN OVOCIA WN-00 0000 H W 3
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