K.S. Perez pays a 12% average tax rate on gross pay in federal taxes. K.S. also pays $100 into a 401k retirement fund each pay period and pays a $200 per-pay-period contribution to an employer-subsidized health insurance policy. Complete K.S.'s earnings statement below. Round your answers to the nearest dollar.
K.S. Perez pays a 12% average tax rate on gross pay in federal taxes. K.S. also pays $100 into a 401k retirement fund each pay period and pays a $200 per-pay-period contribution to an employer-subsidized health insurance policy. Complete K.S.'s earnings statement below. Round your answers to the nearest dollar.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![K.S. Perez pays a 12% average tax rate on gross pay in federal taxes. K.S. also pays $100 into a 401k retirement fund each pay period and pays
a $200 per-pay-period contribution to an employer-subsidized health insurance policy. Complete K.S.'s earnings statement below. Round your
answers to the nearest dollar.
K.S. Perez
Earnings
Hours
80
GROSS PAY
Rate
25.00
This period
Pay period: 1/01/21 - 1/15/21
YTD
Required Deductions
Federal income tax
Virginia income tax
FICA Social Security
FICA Medicare
Other Deductions
Health Insurance
401K Contribution
NET PAY](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F36f64640-5f65-421a-a55e-bb47528408fb%2F217bf326-8bd9-4d39-b81b-0060eb44c531%2Fkd0tcv_processed.png&w=3840&q=75)
Transcribed Image Text:K.S. Perez pays a 12% average tax rate on gross pay in federal taxes. K.S. also pays $100 into a 401k retirement fund each pay period and pays
a $200 per-pay-period contribution to an employer-subsidized health insurance policy. Complete K.S.'s earnings statement below. Round your
answers to the nearest dollar.
K.S. Perez
Earnings
Hours
80
GROSS PAY
Rate
25.00
This period
Pay period: 1/01/21 - 1/15/21
YTD
Required Deductions
Federal income tax
Virginia income tax
FICA Social Security
FICA Medicare
Other Deductions
Health Insurance
401K Contribution
NET PAY
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