Ee 402.how did he got the income tax amount on retroactive pay and gross pay, please explain with all of the calculations Linda reports this error on her Payroll:PayrollClaim CodeDeduction from Taxable IncomeSalary from Jan to JuneSalary from July to DecERROR!!!..Salary from Jan to Dec should havebeen:Semi-MonthlyGross Pay is, $2,000Income Tax on the Retroactive Pay only is, $1,553ONENONEFor Linda's next payroll or the Corrected, July 15 the payroll, what is the Total Gross Pay AND Income Tax onthe Retroactive Lump Sum Pay only?Gross Pay is, $8,000$36,000/yr or $1,500 per pay$48,000/yr or $2,000 per pay$48,000/yr or $2,000 per payGross Pay is, $8,000Income Tax on the Retroactive Pay only is, $1,188

Gross pay: Gross pay is an individual's total pay before any deductions are taken out. It includes…

Linda reports this error on her Payroll: Payroll Claim Code Deduction from Taxable Income Salary from Jan to June Salary from July to Dec ERROR!!! Salary from Jan to Dec should have been: Semi-Monthly ONE NONE $36,000/yr or $1,500 per pay $48,000/yr or $2,000 per pay $48,000/yr or $2,000 per pay For Linda's next payroll or the Corrected, July 15 the payroll, what is the Total Gross Pay AND Income Tax on the Retroactive Lump Sum Pay only?

Linda reports this error on her Payroll: Payroll Claim Code Deduction from Taxable Income Salary from Jan to June Salary from July to Dec ERROR!!! Salary from Jan to Dec should have been: Semi-Monthly ONE NONE $36,000/yr or $1,500 per pay $48,000/yr or $2,000 per pay $48,000/yr or $2,000 per pay For Linda's next payroll or the Corrected, July 15 the payroll, what is the Total Gross Pay AND Income Tax on the Retroactive Lump Sum Pay only?

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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