Justin Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $300.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($500.00), and the employer withholds the appropriate taxes for the tips from this first pay in March. Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, single or married filing separately), social security taxes, and state income tax (1%). Gross pay $fill in the blank 1 Federal income tax fill in the blank 2 Social security taxes - OASDI fill in the blank 3 Social security taxes - HI fill in the blank 4 State income tax fill in the blank 5 Net pay $fill in the blank 6
Justin Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $300.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($500.00), and the employer withholds the appropriate taxes for the tips from this first pay in March. Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, single or married filing separately), social security taxes, and state income tax (1%). Gross pay $fill in the blank 1 Federal income tax fill in the blank 2 Social security taxes - OASDI fill in the blank 3 Social security taxes - HI fill in the blank 4 State income tax fill in the blank 5 Net pay $fill in the blank 6
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Justin Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $300.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($500.00), and the employer withholds the appropriate taxes for the tips from this first pay in March.
Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, single or married filing separately), social security taxes, and state income tax (1%).
| Gross pay | $fill in the blank 1 |
| Federal income tax | fill in the blank 2 |
| Social security taxes - OASDI | fill in the blank 3 |
| Social security taxes - HI | fill in the blank 4 |
| State income tax | fill in the blank 5 |
| Net pay | $fill in the blank 6 |
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