Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Paul Larkin and Jim Smith are the only two employees of Texas Pipe Company. In January, 2018, Paul's gross pay was $5,500 and Jim's gross

image text in transcribed
Paul Larkin and Jim Smith are the only two employees of Texas Pipe Company. In January, 2018, Paul's gross pay was $5,500 and Jim's gross pay was $5,900. All earnings are subject to FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45% and Unemployment Tax rate of 6%. Each have voluntary deductions of $67.00 and $58.00 respectively and are subject to Federal Income Tax rate of 18% each. What is Paul Larkin's Net Pay for January? Please show your calculations. (5 pts) 5500- 990 (.18x5500) -125 - 341 (.062x5500) - 79.75 (.0145x5500) Paul's Net Pay is: 4054.25 ded

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

Project Management A Managerial Approach

Authors: Jack R. Meredith, Samuel J. Mantel,

7th Edition

470226218, 978-0470226216

More Books

Students also viewed these General Management questions