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Required: Compute the net pay for Eve Khan and Marn Hart. Assume that they are paid a $2,710 salary biweekly, subject to federal income tax (use the wage-bracket method) in Appendix C and FICA taxes, and have no other deductions from their pay. They have a state tax rate of 3 percent. If they choose to participate in the cafeteria plan, the deduction for the pay period is $100; otherwise, there is no deduction for the cafeteria plan. The cafeteria plan qualifies under Section 125. You do not need to complete the number of hours. Additional information for Eve: Box 2 is not checked, and the dependents are under 17. Note: Round your Intermediate calculations and final answers to 2 decimal places. Name Eve Khan-no cafeteria plan Eve Khan-cafeteria plan Marn Hart-no cafeteria plan Marn Hart-cafeteria plan Name Eve Khan-no cafeteria plan Eve Khan-cafeteria plan Marn Hart-no cafeteria plan Marn Hart-cafeteria plan Filing Status MJ MJ S S Dependents $ 2,710.00 $ 2,710.00 $ 2.710.00 $ $ 2,710.00 $ 2<17 2<17 Taxable Wages Gross Earnings for Federal or State W/H 0 0 Period wage $ 2,710.00 $ 2,710.00 $ 2,710.00 $ 2,710.00 Taxable Wages for FICA 2.710.00 $ 2,710.00 2,610.00 $ 2,610.00 2,710.00 $ 2,710.00 2.610.00 $ 2,610.00 Number of Regular Hours Federal W/H Number of Overtime Hours Social Security Tax $ $ $ $ Number of Holiday Hours Medicare W/H Tax 168.02 $ 161.82 $ 168.02 $ 161.82 $ Commissions State W/H Tax 39.30 $ 37.85 $ 39.30 $ 37.85 $ 81.30 78.30 81.30 78.30 Gross Earnings S S S S Section 125 2,710.00 $ 2,710.00 $ 2,710.00 $ 2,710.00 $ Net Pay Taxable Wages for Federal or State W/H Taxable Wages for FICA 0.00 $ 2,710.00 $ 2,710.00 100.00 $ 2,610.00 $ 2,610.00 0.00 $2,710.00 $ 2,710.00 100.00 $ 2,610.00 $ 2,610.00

Required: Compute the net pay for Eve Khan and Marn Hart. Assume that they are paid a $2,710 salary biweekly, subject to federal income tax (use the wage-bracket method) in Appendix C and FICA taxes, and have no other deductions from their pay. They have a state tax rate of 3 percent. If they choose to participate in the cafeteria plan, the deduction for the pay period is $100; otherwise, there is no deduction for the cafeteria plan. The cafeteria plan qualifies under Section 125. You do not need to complete the number of hours. Additional information for Eve: Box 2 is not checked, and the dependents are under 17. Note: Round your Intermediate calculations and final answers to 2 decimal places. Name Eve Khan-no cafeteria plan Eve Khan-cafeteria plan Marn Hart-no cafeteria plan Marn Hart-cafeteria plan Name Eve Khan-no cafeteria plan Eve Khan-cafeteria plan Marn Hart-no cafeteria plan Marn Hart-cafeteria plan Filing Status MJ MJ S S Dependents $ 2,710.00 $ 2,710.00 $ 2.710.00 $ $ 2,710.00 $ 2<17 2<17 Taxable Wages Gross Earnings for Federal or State W/H 0 0 Period wage $ 2,710.00 $ 2,710.00 $ 2,710.00 $ 2,710.00 Taxable Wages for FICA 2.710.00 $ 2,710.00 2,610.00 $ 2,610.00 2,710.00 $ 2,710.00 2.610.00 $ 2,610.00 Number of Regular Hours Federal W/H Number of Overtime Hours Social Security Tax $ $ $ $ Number of Holiday Hours Medicare W/H Tax 168.02 $ 161.82 $ 168.02 $ 161.82 $ Commissions State W/H Tax 39.30 $ 37.85 $ 39.30 $ 37.85 $ 81.30 78.30 81.30 78.30 Gross Earnings S S S S Section 125 2,710.00 $ 2,710.00 $ 2,710.00 $ 2,710.00 $ Net Pay Taxable Wages for Federal or State W/H Taxable Wages for FICA 0.00 $ 2,710.00 $ 2,710.00 100.00 $ 2,610.00 $ 2,610.00 0.00 $2,710.00 $ 2,710.00 100.00 $ 2,610.00 $ 2,610.00

FINANCIAL ACCOUNTING
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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Required: Compute the net pay for Eve Khan and Marn Hart. Assume that they are paid a $2.710 salary biweekly, subject to federal income tax (use the wage-bracket method) in Appendix C and FICA taxes, and have no other deductions from their pay. They have a state tax rate of 3 percent. If they choose to participate in the cafeteria plan, the deduction for the pay period is $100; otherwise, there is no deduction for the cafeteria plan. The cafeteria plan qualifies under Section 125. You do not need to complete the number of hours. Additional information for Eve: Box 2 is not checked, and the dependents are under 17. Note: Round your Intermediate calculations and final answers to 2 decimal places. Name Eve Khan-no cafeteria plan Eve Khan-cafeteria plan Marn Hart-no cafeteria plan Marn Hart-cafeteria plan Name Eve Khan-no cafeteria plan Eve Khan-cafeteria plan Marn Hart-no cafeteria plan Mar Hart-cafeteria plan Filing Status Gross Earnings MJ MJ S S $ $ $ Dependents $ 2.710.00 $ 2,710.00 2,710.00 $ 2,710.00 $ 2<17 2<17 0 0 Taxable Wages for Federal or State W/H Period wage $ 2,710.00 $ 2,710.00 $ 2,710.00 $ 2,710.00 Taxable Wages for FICA 2,710.00 $ 2,710.00 2,610.00 $ 2,610.00 2,710.00 $2,710.00 2,610.00 $ 2,610.00 Number of Regular Hours Federal W/H Number of Overtime Hours Social Security Tax $ $ $ $ Number of Holiday Hours Medicare W/H Tax 168.02 $ 161.82 $ 168.02 $ 161.82 $ Commissions State W/H Tax 39.30 S 37.85 $ 39.30 $ 37.85 S 81.30 78.30 81.30 78.30 Gross Earnings S S $ S Section 125 2,710.00 $ 2,710.00 $ 2,710.00 $ 2,710.00 $ Net Pay Taxable Wages for Federal or State W/H Taxable Wages for FICA 0.00 $ 2,710.00 $ 2,710.00 100.00 $ 2,610.00 $ 2,610.00 0.00 $ 2,710.00 100.00 $ 2,610.00 $ 2,710.00 $ 2,610.00
Transcribed Image Text:Required: Compute the net pay for Eve Khan and Marn Hart. Assume that they are paid a $2.710 salary biweekly, subject to federal income tax (use the wage-bracket method) in Appendix C and FICA taxes, and have no other deductions from their pay. They have a state tax rate of 3 percent. If they choose to participate in the cafeteria plan, the deduction for the pay period is $100; otherwise, there is no deduction for the cafeteria plan. The cafeteria plan qualifies under Section 125. You do not need to complete the number of hours. Additional information for Eve: Box 2 is not checked, and the dependents are under 17. Note: Round your Intermediate calculations and final answers to 2 decimal places. Name Eve Khan-no cafeteria plan Eve Khan-cafeteria plan Marn Hart-no cafeteria plan Marn Hart-cafeteria plan Name Eve Khan-no cafeteria plan Eve Khan-cafeteria plan Marn Hart-no cafeteria plan Mar Hart-cafeteria plan Filing Status Gross Earnings MJ MJ S S $ $ $ Dependents $ 2.710.00 $ 2,710.00 2,710.00 $ 2,710.00 $ 2<17 2<17 0 0 Taxable Wages for Federal or State W/H Period wage $ 2,710.00 $ 2,710.00 $ 2,710.00 $ 2,710.00 Taxable Wages for FICA 2,710.00 $ 2,710.00 2,610.00 $ 2,610.00 2,710.00 $2,710.00 2,610.00 $ 2,610.00 Number of Regular Hours Federal W/H Number of Overtime Hours Social Security Tax $ $ $ $ Number of Holiday Hours Medicare W/H Tax 168.02 $ 161.82 $ 168.02 $ 161.82 $ Commissions State W/H Tax 39.30 S 37.85 $ 39.30 $ 37.85 S 81.30 78.30 81.30 78.30 Gross Earnings S S $ S Section 125 2,710.00 $ 2,710.00 $ 2,710.00 $ 2,710.00 $ Net Pay Taxable Wages for Federal or State W/H Taxable Wages for FICA 0.00 $ 2,710.00 $ 2,710.00 100.00 $ 2,610.00 $ 2,610.00 0.00 $ 2,710.00 100.00 $ 2,610.00 $ 2,710.00 $ 2,610.00
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