Question
Looking to find out how to figure out federal tax rates for each employee in order to compute total net pay. Please show step-by-step. The
Looking to find out how to figure out federal tax rates for each employee in order to compute total net pay. Please show step-by-step.
The following employees of ABC in Illinois, are paid in different frequencies. Some employees have union dues or garnishments deducted from their pay. Required: Calculate their net pay using the percentage method in Appendix C (or the IRS federal income tax assistant or IRS Publication 15-T). Include Illinois income tax of 4.95 percent of taxable pay. No employee has exceeded the maximum FICA limits. You do not need to complete the number of hours. Assume that box 2 is not checked for all employees. (Round your intermediate calculations and final answers to 2 decimal places.)
Employee | Frequency | Filing Status, Dependents | Pay | Union Dues per Period | Garnishment per Period | Net Pay |
Whaley | Weekly | MJ-0 | $770 |
| $50 |
|
Paguaga | Semi-monthly | MJ-2 (<17) | $2,960 | $120 |
|
|
Harvey | Monthly | S-1 (Other) | $8,440 | $240 | $75 |
|
Bolling | Biweekly | MJ-0 | $2660 |
| $100 |
|
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