Reference no: EM132694853
Question - Calculate Gross Pay and Taxable Pay
For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income tax withholding, Social Security tax, and Medicare tax.
NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.
An employee works 35 regular hours during a workweek in August of 2019. He was hired four years ago, earns a salary of $134,700/year, 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 8.5% of gross pay, which is to be contributed to a 401(k) plan.
Required -
Compute the Taxable income for federal income tax withholding?
Compute the Taxable income for social security tax?
Compute the Taxable income for medicare tax?
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Question - Calculate Gross Pay and Taxable Pay
: Question - Calculate Gross Pay and Taxable Pay - He has requested that his employer withhold 8.5% of gross pay, which is to be contributed to a 401(k) plan
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