The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay.**Required:**Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later (in Appendix C) to determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.55 percent of taxable pay. No employee has exceeded the maximum FICA limit. (*Round your intermediate calculations and final answers to 2 decimal places.*)| Employee | Filing Status, Dependents | Pay | Union Dues per Period | Garnishment per Period | Net Pay ||------------------|---------------------------|---------|-----------------------|------------------------|-----------|| S. Bergstrom | MJ-0 | $1,715 | $ | $50 | $1,398.35 || C. Pare | MJ-2 (<17) | $3,880 | $120 | $ | $3,117.86 || L. Van der Hooven| S-1 (Other) | $3,605 | $240 | $75 | $2,541.37 || S. Lightfoot | MJ-0 | $3,230 | $ | $100 | $2,760.04 |This table highlights the pay details and the required calculations for determining net pay, considering deductions like union dues and garnishments, as well as taxes.

Step 1: Define percentage method:-The percentage method has no wages or allowance limit, therefore…

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Business

Accounting

he following salaried employees of Mountain

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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