Jane Heinlein is the payroll accountant for Sia Lights of Carter, Nebraska. The employees of Sia Lights are paid biweekly Anemployee, Melinda Gunnarson, comes to her on September 11 and requests a pay advance of $985, which she will pay back in equalparts on the September 27 and October 11 paychecks. Melinda is single with no dependents and is paid $40,820 per year. Shecontributes 1 percent of her pay to a 401(k) plan and has S45 per paycheck deducted for a court-ordered garnishment. The FederalWIH value of $143 is considered from 2019 for Single with one withholdingRequired:Compute her net pay for her September 25th paycheck. Her state income tax rate is 6.84 percent. Her W-4 is from prior to 2020. Youdo not need to complete the number of hours. (Round your intermediete celculations and final answer to 2 decimal places.)Net pay

Net pay:The amount of pay employee gets in hand after making various deductions is known as the net…

Jane Heinlein is the payroll accountant for Sia Lights of Carter, Nebraska. The employees of Sia Lights are paid biweekly. An employee, Melinda Gunnarson, comes to her on September 1 and requests a pay advance of $985, which she will pay back in equal parts on the September 27 and October 11 paychecks. Melinda is single with no dependents and is paid $40.820 per year She contributes 1 percent of her pay to a 401k) plan and has $45 per paycheck deducted for a court-ordered gamishment The Federal WH value of $143 is considered from 2019 for Single with one withholding Required: Compute her net pay for her September 25th paycheck Her state income tax rate is 6.84 percent Her W-4 is from prior to 2020 You do not need to complete the number of hours. (Round your intermediete celculations and finel answer to 2 decimel places) Net pay

Jane Heinlein is the payroll accountant for Sia Lights of Carter, Nebraska. The employees of Sia Lights are paid biweekly. An employee, Melinda Gunnarson, comes to her on September 1 and requests a pay advance of $985, which she will pay back in equal parts on the September 27 and October 11 paychecks. Melinda is single with no dependents and is paid $40.820 per year She contributes 1 percent of her pay to a 401k) plan and has $45 per paycheck deducted for a court-ordered gamishment The Federal WH value of $143 is considered from 2019 for Single with one withholding Required: Compute her net pay for her September 25th paycheck Her state income tax rate is 6.84 percent Her W-4 is from prior to 2020 You do not need to complete the number of hours. (Round your intermediete celculations and finel answer to 2 decimel places) Net pay

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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Marbury is the payroll accountant at All's Fair Gifts. The employees of All's Fair Gifts are paid semimonthly. Sten comes to Marbury on April 7 and requests a pay advance of $1,000, which Sten will pay back in equal parts on the April 15 and May 15 paychecks. Sten is single, with one dependent under 17, is paid $51,600 per year, contributes 3 percent of gross pay to a 401(k), and has $127 per paycheck deducted for a Section 125 plan. Required: Compute the net pay on Sten's April 15 paycheck. The applicable state income tax rate is 5.25 percent. Use the wage-bracket method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine the federal income tax. Assume box 2 is not checked. Note: Round your intermediate calculations and final answer to 2 decimal places. Net pay
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