Identify all taxes that must be withheld from employees pay

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Problem

Kohana earned $47,500 in 2024 for a company in Kentucky. Kohana is single with one dependent under 17 and is paid weekly. Compute the following employee share of the taxes using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C and the state information in Appendix D. The box in Step 2 was not checked. Federal income tax: $32.97 Social Security tax: $56.63 = $913.46 x .062 Medicare tax: $13.25 = $913.46 x .0145 State income tax withholding: $45.67 = $913.46 x .05 (i) Identify all the taxes that must be withheld from the employee's pay. Explain clearly how each tax is calculated. (ii) Assume that Kohana, the employee, does not have any other mandatory or voluntary deductions. Compute and show the calculation of Kohana's Net Pay. Get the instant assignment help. (iii) Identify all the taxes that must be paid by the employer. Explain clearly how each tax is calculated.

Reference no: EM133931826

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