Mike Mays is a waiter at the Dixie Motel. In his first weekly pay in March, he earned $360 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($700.00), and the employer withholds the appropriate taxes for the tips from his first pay in March. Calculate his net take-home pay assuming the employer withheld federal income tax (wage tax bracket, married filing jointly, allowances, social security and state income tax (2%).
Mike Mays is a waiter at the Dixie Motel. In his first weekly pay in March, he earned $360 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($700.00), and the employer withholds the appropriate taxes for the tips from his first pay in March.
Calculate his net take-home pay assuming the employer withheld federal income tax (wage tax bracket, married filing jointly, allowances, social security and state income tax (2%).
Payroll accounting is one of accounting system which is used by business entities to record the transactions related to payroll or wages earned by the employee. Net take-home pay is the net amount of income which is calculated after deducting appropriate taxes and which actually paid to employee.
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