Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The San Bernardino County Fair hires about 150 people during fair time. Sandy Denny earns $13.40 per hour; George Barney earns $14.40 per hour. They

image text in transcribed

image text in transcribed

The San Bernardino County Fair hires about 150 people during fair time. Sandy Denny earns $13.40 per hour; George Barney earns $14.40 per hour. They both worked 39 hours this week. Both are married; however, Sandy files jointly and George files separately. Assume a rate of 6.2% on $147,000 for Social Security and 1.45% for Medicare. Assume state income tax rate to be 9%. Required: a. What is Sandy's net pay after FIT (use the Table 7.1), Social Security tax, state income tax, and Medicare have been taken out? Note: Round intermediate calculations and final answer to the nearest cent. b. What is George's net pay after FIT (use the Table 7.1), Social Security tax, state income tax, and Medicare have been taken out? Note: Round intermediate calculations and final answer to the nearest cent. c. How much more is Sandy's net pay versus George's net pay? Note: Round intermediate calculations and final answer to the nearest cent. 2022 Percentage Method Tables

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

ISE Financial Markets And Institutions

Authors: Anthony Saunders, Marcia Cornett, Otgo Erhemjamts

8th International Edition

1265561435, 9781265561437

More Books

Students also viewed these Finance questions

Question

What conflicts of interest had to be resolved?

Answered: 1 week ago