Compute the net pay for Evelyn Khan and Margaret Rheinhart. Assume that they are paid a $2.500 salary biweekly, subject to federal income tax (use the wage-bracket method) in Appendix Cand FICA taxes, and have no other deductions from their pay. They have a state tax rate of 3 percent. If they choose to participate in the cafeteria plan, the deduction for the pay period is $100; otherwise, there is no deduction for the cafeteria plan. The cafeteria plan qualifies under Section 125. You do not need to complete the number of hours. Additional information for Evelyn: Box 2 is not checked, and the dependents are under 17. (Round your intermediate calculations and final answers to 2 decimal places) Name Evelyn Khan-no cafeteria plan Evelyn Khan-cafeteria plan Margaret Rheinhart-no cafeteria plan Margaret Rheinhart-cafeteria plan Name Evelyn Khan-no cafeteria plan Evelyn Khan-cafeteria plan Margaret Rheinhart-no cafeteria plan Margaret Rheinhar-cafeteria plan Fling Status MJ MJ S S Gross Eamnings Dependents 217 2417 0 0 Taxable Wages for Federal or State WH Hourly Rate or Period wage $ 2,500.00 $ 2.500.00 $ 2,500.00 S 2.500.00 Taxable Wages for FICA Number of Regular Hours Federal WH Number of Overtime Hours Number of Holiday Hours Social Security Tax Medicare WH Tax Commissions State Wax Gross Earnings Net Pay
Compute the net pay for Evelyn Khan and Margaret Rheinhart. Assume that they are paid a $2.500 salary biweekly, subject to federal income tax (use the wage-bracket method) in Appendix Cand FICA taxes, and have no other deductions from their pay. They have a state tax rate of 3 percent. If they choose to participate in the cafeteria plan, the deduction for the pay period is $100; otherwise, there is no deduction for the cafeteria plan. The cafeteria plan qualifies under Section 125. You do not need to complete the number of hours. Additional information for Evelyn: Box 2 is not checked, and the dependents are under 17. (Round your intermediate calculations and final answers to 2 decimal places) Name Evelyn Khan-no cafeteria plan Evelyn Khan-cafeteria plan Margaret Rheinhart-no cafeteria plan Margaret Rheinhart-cafeteria plan Name Evelyn Khan-no cafeteria plan Evelyn Khan-cafeteria plan Margaret Rheinhart-no cafeteria plan Margaret Rheinhar-cafeteria plan Fling Status MJ MJ S S Gross Eamnings Dependents 217 2417 0 0 Taxable Wages for Federal or State WH Hourly Rate or Period wage $ 2,500.00 $ 2.500.00 $ 2,500.00 S 2.500.00 Taxable Wages for FICA Number of Regular Hours Federal WH Number of Overtime Hours Number of Holiday Hours Social Security Tax Medicare WH Tax Commissions State Wax Gross Earnings Net Pay
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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