PSc 3-2 Calculate Gross Pay & Taxable Pay For each employee first calculate gross pay. Then determine taxable income used to calculate federal income tax withholding social security tax, and Meducare NOTE: For simplicity, all calculations throughout this exercise, both intermediale and final should be rounded to two decimal places at each cialion 1: An employee works 45 hours (45-40 were overtime hours) during a workweek in October of 2017. The employee barns Sd5fndur. with his employer Diving 1.5 times the regular rate of pay for overtime nours. To date, he has earned S130 050 during the present year. He has requested that his employer withod of gross Day, which is to be contributed to a 401(K) plan. Taxable income for federal income tax withholding = 5 Taxable income for social security tax = $ Taxable income for medicare tax = 5 An employee works 35 regular hours during a workweek in September of 2017. The employee was hired twelve years ago, earns a salary of S122 Sobiyear and is exempt from the overtime provisions of the FLSA. To date, he has received no compensation beyond his annual salary. He has requested that his employer withhold 10 of gross pay, which is to be contributed to a 403(b) plan. Taxable income for federal income tax withholding = $ Taxable income for social security tax = $ Taxable income for medicare tax = S 3: An employee works 63 hours (53 - 40 were overtime hours) during a workweek in November of 2017. The employee eams $10, 100/month, with his employer paying 15 times the regular rate of pay for overtime hours. To date, he has earned $124.740 during the year. He has requested that his employer witnnod 12% of gross pay, which is to be contributed to a 401(k) plan. Taxable income for federal income tax withholding = S Taxable income for social security tax = S Taxable income for medicare tax = S PREVIOUS SUBMIT ASSIGNMENT Copyright 2018 - Labyrinth Learning - All Rights Reserved PSc 3-2 Calculate Gross Pay & Taxable Pay For each employee first calculate gross pay. Then determine taxable income used to calculate federal income tax withholding social security tax, and Meducare NOTE: For simplicity, all calculations throughout this exercise, both intermediale and final should be rounded to two decimal places at each cialion 1: An employee works 45 hours (45-40 were overtime hours) during a workweek in October of 2017. The employee barns Sd5fndur. with his employer Diving 1.5 times the regular rate of pay for overtime nours. To date, he has earned S130 050 during the present year. He has requested that his employer withod of gross Day, which is to be contributed to a 401(K) plan. Taxable income for federal income tax withholding = 5 Taxable income for social security tax = $ Taxable income for medicare tax = 5 An employee works 35 regular hours during a workweek in September of 2017. The employee was hired twelve years ago, earns a salary of S122 Sobiyear and is exempt from the overtime provisions of the FLSA. To date, he has received no compensation beyond his annual salary. He has requested that his employer withhold 10 of gross pay, which is to be contributed to a 403(b) plan. Taxable income for federal income tax withholding = $ Taxable income for social security tax = $ Taxable income for medicare tax = S 3: An employee works 63 hours (53 - 40 were overtime hours) during a workweek in November of 2017. The employee eams $10, 100/month, with his employer paying 15 times the regular rate of pay for overtime hours. To date, he has earned $124.740 during the year. He has requested that his employer witnnod 12% of gross pay, which is to be contributed to a 401(k) plan. Taxable income for federal income tax withholding = S Taxable income for social security tax = S Taxable income for medicare tax = S PREVIOUS SUBMIT ASSIGNMENT Copyright 2018 - Labyrinth Learning - All Rights Reserved
