An employee works 50 hours (50 - 40 were overtime hours) during a workweek in December of 2023. He earns $9,500/month, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $114,500 during the year. He has requested that his employer withhold 13% of gross pay to contribute to a 403(b) plan.Taxable income for federal income tax withholding = $ Taxable income for social security tax = $ Taxable income for medicare tax = $ I see people dividing 9500 by 4 (9500/4) where are they getting 4 from?
An employee works 50 hours (50 - 40 were overtime hours) during a workweek in December of 2023. He earns $9,500/month, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $114,500 during the year. He has requested that his employer withhold 13% of gross pay to contribute to a 403(b) plan.Taxable income for federal income tax withholding = $ Taxable income for social security tax = $ Taxable income for medicare tax = $ I see people dividing 9500 by 4 (9500/4) where are they getting 4 from?
Chapter12: Tax Credits And Payments
Section: Chapter Questions
Problem 24P
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Question
An employee works 50 hours (50 - 40 were overtime hours) during a workweek in December of 2023. He earns $9,500/month, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $114,500 during the year. He has requested that his employer withhold 13% of gross pay to contribute to a 403(b) plan.
Taxable income for federal income tax withholding = $
Taxable income for social security tax = $
Taxable income for medicare tax = $
I see people dividing 9500 by 4 (9500/4)
where are they getting 4 from?
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