Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Marbury is the payroll accountant at All's Fair Gifts. The employees of All's Fair Gifts are paid semimonthly. Sten comes to Marbury on April 7

Marbury is the payroll accountant at All's Fair Gifts. The employees of All's Fair Gifts are paid semimonthly. Sten comes to Marbury on
April 7 and requests a pay advance of $1,000, which Sten will pay back in equal parts on the April 15 and May 15 paychecks. Sten is
single, with one dependent under 17, is paid $53,200 per year, contributes 3 percent of gross pay to a 401(k), and has $129 per
paycheck deducted for a Section 125 plan.
Required:
Compute the net pay on Sten's April 15 paycheck. The applicable state income tax rate is 5.25 percent. Use the wage-bracket metho
for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine the federal income tax. Assume box 2
is not checked.
Note: Round your intermediate calculations and final answer to 2 decimal places.
I also tried answers $1289.23, $1224.79 both ncorrect as well. Please help
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions