Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Marshall, a business analyst in Las Vegas, Nevada, has biweekly earnings subject to deductions for Social Security, Medicare, and federal income tax. Nevada does not

Marshall, a business analyst in Las Vegas, Nevada, has biweekly earnings subject to deductions for Social Security, Medicare, and federal income tax. Nevada does not collect a state income tax. He is single and claims two exemptions. What is Marshalls net pay for the pay period? He earns 69632 annually. The allowance is 161.50. Social security deduction is 6.2% and Medicare is 1.45%

image text in transcribed

Thanks

TABLE 2-BIWEEKLY Payroll Period $0 (a) SINGLE person (including head of household) (b) MARRIED person- If the amount of wages of the amount of wages (after subtracting The amount of income tax (after subtracting The amount of income tax withholding allowances) is to withhold is withholding allowances) is: to withhold is: Not over $146....... SO Not over $454 Over But not over- of excess over-Over- But not over- of excess over- $146 -$519 $0.00 plus 10% -$146 $454 $1,200 $0.00 plus 10% -$454 $519 -$1.684 $3730 plus 12% -$519 $1.200 -$3.490 $74.60 plus 12% -$1 200 $1,664 -53,385 $174.70 plus 22% $1.684 $3.490 $6.931 $349,40 plus 22% $3.490 $3,385 - $6,328 $553.32 plus 24% -$3,385 $6.931 $12,817 31.106.42 plus 24% - $6.931 $6.328 37.995 $1,259.64 plus 32% -$6.328 $12.817 - $16.154 $2.519.06 plus 32 -$12.817 $7,996 -$19,773 $1,793.40 plus 35% - $7,996 $16,154 - $24,006 . $3,586.90 plus 35% - $16.154 $19,773............$5,915.35 plus 37% -$19,773 $24,006.......... $6.335.10 plus 37% - $24.006

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

Financial Accounting For MBAs

Authors: Peter D. Easton, John J. Wild, Robert F. Halsey, Mary Lea McAnally

6th Edition

161853100X, 978-1618531001

More Books

Students also viewed these Accounting questions

Question

Calculate y'. y = (u - 1/u 2 + u + 1) 4

Answered: 1 week ago

Question

What background experience do you have?

Answered: 1 week ago

Question

Develop a program for effectively managing diversity. page 317

Answered: 1 week ago