PROBLEM 1             Mary Matthews made $950 in a biweekly pay period. Only social security (fully taxable) and federal income taxes attach to her pay. Matthews contributes $100 each biweekly pay to her company’s 401(k) plan. Determine Matthews’ take home pay if she is married and claims 2 allowances (use wage bracket method).

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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PROBLEM 1            
Mary Matthews made $950 in a biweekly pay period. Only social security (fully
taxable) and federal income taxes attach to her pay. Matthews contributes $100
each biweekly pay to her company’s 401(k) plan. Determine Matthews’ take home
pay if she is married and claims 2 allowances (use wage bracket method).
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