Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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

Modern Analytical Auditing Practical Guidance For Auditors And Accountants

Authors: Thomas Mckee

1st Edition

0899303544, 978-0899303543

More Books

Students also viewed these Accounting questions