1: Medicare tax A. Mandatory В. Voluntary 2: State income tax withholding A. O Mandatory В. Voluntary 3: Union dues A. Mandatory B. O Voluntary 4: Federal income tax withholding A. O Mandatory B. O Voluntary 5: Medical plans A. O Mandatory В. Voluntary

1: Medicare tax A. Mandatory В. Voluntary 2: State income tax withholding A. O Mandatory В. Voluntary 3: Union dues A. Mandatory B. O Voluntary 4: Federal income tax withholding A. O Mandatory B. O Voluntary 5: Medical plans A. O Mandatory В. Voluntary

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

PSa 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 Medicare tax.

NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.

1:
Medicare tax
A.
Mandatory
В.
Voluntary
2:
State income tax withholding
A. O Mandatory
B. O Voluntary
3:
Union dues
A.
Mandatory
В.
Voluntary
4:
Federal income tax withholding
A. O Mandatory
B. O Voluntary
5: Medical plans
А.
Mandatory
B. O Voluntary

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