John worked 43 hours last week. His hourly rate is $13.45. He has the follow taken from his pay: federal income tax at the rate of 10%, social security tax at the rate of 6.2%, medicare tax at the rate of 1.45%, health insurance premiums of $45.00, and 401(K) contributions of 5% of gross pay. Calculate John's net pay. Regular or Salary Overtime Gross Pay: Required Deductions: Federal Tax Social Security Tax Medicare Tax Voluntary Deductions: Health Insurance Union Dues Retirement Savings Other: Total Deductions: Net Pay:
John worked 43 hours last week. His hourly rate is $13.45. He has the follow taken from his pay: federal income tax at the rate of 10%, social security tax at the rate of 6.2%, medicare tax at the rate of 1.45%, health insurance premiums of $45.00, and 401(K) contributions of 5% of gross pay. Calculate John's net pay. Regular or Salary Overtime Gross Pay: Required Deductions: Federal Tax Social Security Tax Medicare Tax Voluntary Deductions: Health Insurance Union Dues Retirement Savings Other: Total Deductions: Net Pay:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
I really need help with this question, I don’t understand at all .
Transcribed Image Text:Total L
Net Pay:
John worked 43 hours last week. His hourly rate is $13.45. He has the following deductions
taken from his pay: federal income tax at the rate of 10%, social security tax at the rate of
6.2%, medicare tax at the rate of 1.45%, health insurance premiums of $45.00, and 401(K)
contributions of 5% of gross pay. Calculate John's net pay.
Regular or Salary
Overtime
Gross Pay:
Required Deductions:
Federal Tax
Social Security Tax
Medicare Tax
Voluntary Deductions:
Health Insurance
Union Dues
Retirement
Savings
Other:
Total Deductions:
Net Pay:
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education