Problem 5-4A (Algo) James Marbury is the payroll accountant at All's Fair Gifts. The employees of All's Fair Gifts are paid semimonthly. Lauren Stenn comes to him on April 2 and requests a pay advance of $1,000, which Lauren will pay back in equal parts on the April 15 and May 15 paychecks. Lauren is single with one dependent under 17 and is paid $50,960 per year. Lauren contributes 3 percent of gross pay to a 401(k) and has $133 per paycheck deducted for a Section 125 plan. Required: Compute the net pay on Lauren's April 15 paycheck. The applicable state income tax rate is 5.25 percent. Use the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine the federal income tax. Assume box 2 is not checked. (Round your intermediate calculations and final answer to 2 decimal places.) Net pay
Problem 5-4A (Algo) James Marbury is the payroll accountant at All's Fair Gifts. The employees of All's Fair Gifts are paid semimonthly. Lauren Stenn comes to him on April 2 and requests a pay advance of $1,000, which Lauren will pay back in equal parts on the April 15 and May 15 paychecks. Lauren is single with one dependent under 17 and is paid $50,960 per year. Lauren contributes 3 percent of gross pay to a 401(k) and has $133 per paycheck deducted for a Section 125 plan. Required: Compute the net pay on Lauren's April 15 paycheck. The applicable state income tax rate is 5.25 percent. Use the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine the federal income tax. Assume box 2 is not checked. (Round your intermediate calculations and final answer to 2 decimal places.) Net pay
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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 alt="Problem 5-4A (Algo)
James Marbury is the payroll accountant at All's Fair Gifts. The employees of All's Fair Gifts are paid semimonthly. Lauren Stenn comes
to him on April 2 and requests a pay advance of $1,000, which Lauren will pay back in equal parts on the April 15 and May 15
paychecks. Lauren is single with one dependent under 17 and is paid $50,960 per year. Lauren contributes 3 percent of gross pay to a
401(k) and has $133 per paycheck deducted for a Section 125 plan.
Required:
Compute the net pay on Lauren's April 15 paycheck. The applicable state income tax rate is 5.25 percent. Use the percentage method
for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine the federal income tax. Assume box 2 is not
checked. (Round your intermediate calculations and final answer to 2 decimal places.)
Net pay
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Transcribed Image Text:Problem 5-4A (Algo)
James Marbury is the payroll accountant at All's Fair Gifts. The employees of All's Fair Gifts are paid semimonthly. Lauren Stenn comes
to him on April 2 and requests a pay advance of $1,000, which Lauren will pay back in equal parts on the April 15 and May 15
paychecks. Lauren is single with one dependent under 17 and is paid $50,960 per year. Lauren contributes 3 percent of gross pay to a
401(k) and has $133 per paycheck deducted for a Section 125 plan.
Required:
Compute the net pay on Lauren's April 15 paycheck. The applicable state income tax rate is 5.25 percent. Use the percentage method
for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine the federal income tax. Assume box 2 is not
checked. (Round your intermediate calculations and final answer to 2 decimal places.)
Net pay
o
>
#
3
E
7
20
F3
$
4
R
Q
F4
%
5
T
0
F5
< Prev 9 of 10
stv ♫ A
^
6
c
F6
7
<
F7
Y U
Net >
* 00
8
DII
F8
9
CVBNM
F9
0
A
F10
D F G H J K L
P
4
F11
J
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