Shirley Riddle's net biweekly earnings are
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Shirley Riddle's net biweekly earnings are
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- Shirley Riddle earns $2,333 biweekly. She is single and claims no withholding allowances. She saves 2% of her salary for retirement and pays $22.81 in nonexempt insurance premiums each pay period. The Social Security Tax is 6.2% from earnings to be taxed. The Medicare tax is 1.45% from all earnings. What are her net earnings for each pay period?9. Compute the prescribed minimum withholding tax of a manager whose monthly salary is P120 000 with transportation allowance of P20 000 and cost of living allowance of P25 000. How much will be her net earnings?1.
- (Algo Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of $13,300. He is single. Before this payroll, Barrett's cumulative earnings were $142,115. (Social Security maximum is 6.2% on $142,800 and Medicare is 1.45%.) Calculate FIT by the percentage method. (Use Table 9.1) Note: Round your answers to 2 decimal places. FIT Social Security taxes Medicare taxes 4033.97Example 4-2 To compute the tax using the percentage method, follow the steps illustrated below. Step 1 Determine the amount of gross wages earned, marital status, number of allowances, and frequency of pay. Note: If the wage ends in a fractional dollar amount, the wage may be rounded to the nearest dollar. However, in this text, exact wages are used. ➡ Wilson Goodman, single, claims two allowances and earns $915.60 semimonthly. Step 2 Multiply the number of allowances claimed by the amount of one allowance for the appropriate payroll period, as shown in the Table of Allowance Values in Figure 4.6. ➡ Table of Allowance Values for semimonthly payroll period shows $175.00. Multiply $175.00 × 2 = $350.00 Step 3 Subtract the amount for the number of allowances claimed from the employee’s gross pay to find the excess of wages over allowances claimed. ➡ Gross pay $915.60 Less: Allowances 350.00 Excess wages $565.60 Step 4…Social Security. Dorinda earned $110,000. How much did she pay in Social Security taxes? The amount Dorinda paid in Social Security taxes is $ (Round to the nearest dollar.) GULD
- Assuming the following information, what is the upper limit George and Sarah could pay on monthly consumer debt payments? Note: Some items may not be factors in determining take-home pay. George and Sarah's gross salary is $5,790 per month 4.5% is deducted from their salary and put in a 401K retirement savings account 12% is deducted for federal income tax 6.2% is deducted for Social Security 1.4% is deducted for federal Medicare tax 5% is deducted for state income tax withholding George and Sarah also pay 11% of their gross income to their Church.2:Jaclyn Connor earned gross pay of $1,820 during a recent pay period. She contributes 7% of gross pay to a 401(k) retirement plan and 3% of gross pay to a dependent care flexible spending account.Taxable earnings = $J1.
- Sophia pays her rent quarterly in arrears and her year end is 31st December. During the year she has made payments as follows: 1st May (re quarter ending 30th Apr) £3,250 1st Aug (re quarter ending 31st Jul) £3,250 1st Nov (re quarter ending 31st Oct) £3,500Sophia anticipates that her next quarter's payment will be the same as she paid in November.How much will she show for rent on her statement of profit or loss at 31st December? (Round to the nearest whole number)PROBLEM: Determine the income tax to withhold from the biweekly wages of the following employees (wage-bracket): Karen Overton (single, 0 allowances), $900 wages __________________ Nancy Haller (married, 4 allowances), $1,000 wages __________________ Alan Glasgow (married, 1 allowance), $980 wages __________________ Joseph Kerr (single, 4 allowances), $720 wages __________________ Ginni Lorenz (single, 1 allowance), $580 wages __________________Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. Amount to BeWithheld Employee MaritalStatus No. of WithholdingAllowances Gross Wageor Salary PercentageMethod Wage-BracketMethod Corn, A. S 2 $675 weekly $fill in the blank 1 $fill in the blank 2 Fogge, P. S 1 1,960 weekly fill in the blank 3 Felps, S. M 6 1,775 biweekly fill in the blank 5 fill in the blank 6 Carson, W. M 4 2,480 semimonthly fill in the blank 7 fill in the blank 8 Helm, M. M 9 5,380 monthly fill in the blank 9