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Student Activity | Net Income 1. Add the current income hom each pay category. What is the total income for this pay period? 2. Add the taxes, benefits (premiums), and other deductions. What are the total deductions for this pay period? 3. Subtract the total deductions from the total income for this pay period. What is the total net pay for this pay period?

Student Activity | Net Income 1. Add the current income hom each pay category. What is the total income for this pay period? 2. Add the taxes, benefits (premiums), and other deductions. What are the total deductions for this pay period? 3. Subtract the total deductions from the total income for this pay period. What is the total net pay for this pay period?

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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Answer the following questions that go with the graph in the previous picture
Get Together: Net Monthly Income Jaxson works as a vet tech and is finding his earnings do not cover as much of his expenses as he was hoping because he forgot to consider his deductions. He has decided he needs to budget his money. To start that process, he needs to know his net monthly income. Use the information on Jaxson's earnings statement to answer the questions and calculate his net monthly income (NMI). Jaxson's Earnings Statement VanDyke Veterinary Services ADDRESS CITY STATE ZIP 140 Equine Blvd. Austin TX 78712-0006 MARITAL EMPLOYEE NAME and ADDRESS ΕMPLOYΕ PAY BEGIN DATE STATUS/ PAY END DATE PAY DATE CHECK NO. ID/SSN EXEMPTIONS Jaxson Smith, 2424 Fleet St. Austin, TX, 78712 SINGLEO 111-22-4312 12/15/19 12/28/19 12/30/19 26 INCOME CURRENT DEDUCTION RATE HOURS YTD INCOME CURRENT YTD DESCRIPTION INCOME DESCRIPTION REGULAR PAY $13.75 80 $1,100.00 $28,600.00 FEDERAL TAX $132.00 $3,432.00 OVERTIME PAY $0.00 $0.00 $0.00 FEDERAL MED $37.54 $976.04 TAX AY PAY $20.00 4.00 $80.00 $80.00 FICA SS TAX 568.20 $1,773.20 VACATION PAY $13.75 2.50 $34.38 $893.75 STATE TAX $0.00 $0.00 MEDICAL SICK PAY $0.00 $0.00 $0.00 PREMIUM $75.07 $900.84 HOLIDAY BONUS $100.00 $100.00 $100.00 DENTAL PREMIUM CAS 40 401(K) CONTRIBUTION OTHER $0.00 $0.00 $0.00 $3500 S420 00 OTHER $0.00 $0.00 $0.00 EMPLOYEE LIFE $1.00 $26.00 TOTAL INCOME TOTAL YTD GROSS INCOME YTD TOTAL NET PAY THIS PERIOD DEDUCTIONS YTD NET PAY DEDUCTIONS THIS THIS PERIOD PERIOD $29,673.75 $7,593.48 $22,080.27
Transcribed Image Text:Get Together: Net Monthly Income Jaxson works as a vet tech and is finding his earnings do not cover as much of his expenses as he was hoping because he forgot to consider his deductions. He has decided he needs to budget his money. To start that process, he needs to know his net monthly income. Use the information on Jaxson's earnings statement to answer the questions and calculate his net monthly income (NMI). Jaxson's Earnings Statement VanDyke Veterinary Services ADDRESS CITY STATE ZIP 140 Equine Blvd. Austin TX 78712-0006 MARITAL EMPLOYEE NAME and ADDRESS ΕMPLOYΕ PAY BEGIN DATE STATUS/ PAY END DATE PAY DATE CHECK NO. ID/SSN EXEMPTIONS Jaxson Smith, 2424 Fleet St. Austin, TX, 78712 SINGLEO 111-22-4312 12/15/19 12/28/19 12/30/19 26 INCOME CURRENT DEDUCTION RATE HOURS YTD INCOME CURRENT YTD DESCRIPTION INCOME DESCRIPTION REGULAR PAY $13.75 80 $1,100.00 $28,600.00 FEDERAL TAX $132.00 $3,432.00 OVERTIME PAY $0.00 $0.00 $0.00 FEDERAL MED $37.54 $976.04 TAX AY PAY $20.00 4.00 $80.00 $80.00 FICA SS TAX 568.20 $1,773.20 VACATION PAY $13.75 2.50 $34.38 $893.75 STATE TAX $0.00 $0.00 MEDICAL SICK PAY $0.00 $0.00 $0.00 PREMIUM $75.07 $900.84 HOLIDAY BONUS $100.00 $100.00 $100.00 DENTAL PREMIUM CAS 40 401(K) CONTRIBUTION OTHER $0.00 $0.00 $0.00 $3500 S420 00 OTHER $0.00 $0.00 $0.00 EMPLOYEE LIFE $1.00 $26.00 TOTAL INCOME TOTAL YTD GROSS INCOME YTD TOTAL NET PAY THIS PERIOD DEDUCTIONS YTD NET PAY DEDUCTIONS THIS THIS PERIOD PERIOD $29,673.75 $7,593.48 $22,080.27
Student Activity | Net Income 1. Add the current income h om each pay category. What is the total income for this pay period? 2. Add the taxes, benefits (premiums), and other deductions. What are the total deductions for this pay period? 3. Subtract the total deductions from the total income for this pay period. What is the total net pay for this pay period? 4. Calculate Jaxson's NMI: Multiply the total net pay for this period by the 26 paychecks Jaxson will receive per year. Then divide that amount by the 12 months in a calendar year. What is Jaxson's NMI?
Transcribed Image Text:Student Activity | Net Income 1. Add the current income h om each pay category. What is the total income for this pay period? 2. Add the taxes, benefits (premiums), and other deductions. What are the total deductions for this pay period? 3. Subtract the total deductions from the total income for this pay period. What is the total net pay for this pay period? 4. Calculate Jaxson's NMI: Multiply the total net pay for this period by the 26 paychecks Jaxson will receive per year. Then divide that amount by the 12 months in a calendar year. What is Jaxson's NMI?
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