Formula is attached for the last question. Answer the questions below. USE the pay stub ALL the numbers are on there.What is Sylvia’s gross pay for this pay period? 2. Assuming Slyvia works for a full-year and works the same number of hours each week, what will her gross wages be at the end of the year? Show work and/or explain how you found your answer.3.What are total tax deductions for this pay period? 4. What % of Sylvia’s gross pay are the total taxes withheld? (Round to the nearest whole %). Show all Work. (Hint: Use gross pay and total tax deductions from this pay period.) % Total Taxes of Gross Pay = $\frac{\text{Total Tax Amount}}{\text{Gross Pay Amount}}$ × 100 **Title: Understanding Pay Stubs: A Detailed Example****Introduction:**Below is a sample pay stub from Courtland Farm Manor, LLC. It illustrates how to read and understand common elements found in pay statements.**Company Information:**- **Company Name:** Courtland Farm Manor, LLC- **Address:** 32145 Courtland Farm Lane, Aldie VA 20105**Employee Details:**- **Name:** Sylvia Moreira- **SSN:** XXX-XX-4454- **Employee ID:** 4454- **Check No.:** 55643- **Pay Period:** 07/17/2019 - 07/24/2019- **Pay Date:** 07/26/2019**Income Details:**- **Type:** Regular- **Rate:** $10.00 per hour- **Hours Worked:** 33.00 hours- **Current Total Earnings:** $330.00**Deductions:**1. **FICA MED TAX** - *Current:* $4.79 - *Year-to-Date:* $143.702. **FICA SS TAX** - *Current:* $20.46 - *Year-to-Date:* $613.803. **Federal Tax** - *Current:* $34.60 - *Year-to-Date:* $1038.004. **State Tax (VA)** - *Current:* $18.98 - *Year-to-Date:* $569.40**Financial Summary:**- **Year-to-Date Gross Income:** $9900.00- **Year-to-Date Deductions:** $2364.90- **Year-to-Date Net Pay:** $7535.10- **Current Total Earnings:** $330.00- **Current Total Deductions:** $78.83- **Net Pay (Current):** $251.17**Website Reference:**- **Source:** www.thepaystubs.co**Conclusion:**This pay stub provides a clear breakdown of income and deductions for a specific pay period. Understanding each section is crucial for effective financial planning and verification of earnings and deductions.

Gross pay is the total amount earned by an employee during the pay period. However, employee do not…

Answered: Part 1: Analyze the pay stub below,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Formula is attached for the last question. Answer the questions below. USE the pay stub ALL the numbers are on there.

What is Sylvia’s gross pay for this pay period?

2. Assuming Slyvia works for a full-year and works the same number of hours each week, what will her gross wages be at the end of the year? Show work and/or explain how you found your answer.

3.What are total tax deductions for this pay period?

4. What % of Sylvia’s gross pay are the total taxes withheld? (Round to the nearest whole %). Show all Work. (Hint: Use gross pay and total tax deductions from this pay period.)

% Total Taxes of Gross Pay = $\frac{\text{Total Tax Amount}}{\text{Gross Pay Amount}}$ × 100

**Title: Understanding Pay Stubs: A Detailed Example**

**Introduction:**
Below is a sample pay stub from Courtland Farm Manor, LLC. It illustrates how to read and understand common elements found in pay statements.

**Company Information:**
- **Company Name:** Courtland Farm Manor, LLC
- **Address:** 32145 Courtland Farm Lane, Aldie VA 20105

**Employee Details:**
- **Name:** Sylvia Moreira
- **SSN:** XXX-XX-4454
- **Employee ID:** 4454
- **Check No.:** 55643
- **Pay Period:** 07/17/2019 - 07/24/2019
- **Pay Date:** 07/26/2019

**Income Details:**
- **Type:** Regular
- **Rate:** $10.00 per hour
- **Hours Worked:** 33.00 hours
- **Current Total Earnings:** $330.00

**Deductions:**
1. **FICA MED TAX**
- *Current:* $4.79
- *Year-to-Date:* $143.70
2. **FICA SS TAX**
- *Current:* $20.46
- *Year-to-Date:* $613.80
3. **Federal Tax**
- *Current:* $34.60
- *Year-to-Date:* $1038.00
4. **State Tax (VA)**
- *Current:* $18.98
- *Year-to-Date:* $569.40

**Financial Summary:**
- **Year-to-Date Gross Income:** $9900.00
- **Year-to-Date Deductions:** $2364.90
- **Year-to-Date Net Pay:** $7535.10
- **Current Total Earnings:** $330.00
- **Current Total Deductions:** $78.83
- **Net Pay (Current):** $251.17

**Website Reference:**
- **Source:** www.thepaystubs.co

**Conclusion:**
This pay stub provides a clear breakdown of income and deductions for a specific pay period. Understanding each section is crucial for effective financial planning and verification of earnings and deductions.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 6 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

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.

Similar questions