Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please explain where these numbers are coming from and the computations to arrive at these numbers, thanks Single Priscilla earns $20,000 per month. Compute her

image text in transcribed

Please explain where these numbers are coming from and the computations to arrive at these numbers, thanks

Single Priscilla earns $20,000 per month. Compute her annual gross earnings, withholdings, and net earnings. Note that her contribution to FICA--MC increased by 0.9% because she earns over $200,000 a year (1.45% up to $200,000; 2.35% on $200,000.01 and more). Priscilla's payroll summary 1 6 .2% 1.45% +0.9% 25% 5% $100/month $75/month Gross Earnings FICA-SS FICA-MC Federal income tax State income tax Health insurance ADRA contribution. Net Earnings formula 20,000x12 127,20 x .062240, 0 , 0235 240, US*.25 240,DORES 100 x 12 75 x 12 IGE- willsiden 152,373.60 $$ 240,00 7886.40 5,640 60,000 12oow Compute the employer's taxes on Priscilla's payroll. first 7,000 first 7000 0.06% 3.5% $100/month FICA-SS FICA-MC FUTA SUTA Health insurance formula* 12,238*.362 240,00ox. 7000 x.voor 70007.035 Total Taxes for oferte the left Todox I 4. 20 245 1200 12,815.60 $$ 7886.4. 3460 *may be cell location (in place of formula)

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

Introduction To Estimating Economic Models

Authors: Atsushi Maki

1st Edition

0415589878, 978-0415589871

More Books

Students also viewed these Finance questions

Question

What will you do or say to Anthony about this issue?

Answered: 1 week ago