**The San Bernardino County Fair Payroll Calculation Exercise**The San Bernardino County Fair hires about 100 people during fair time. Their hourly wages range from $5.50 to $8.50. California has a state income tax of 9%. Sandy Denny earns $8.50 per hour; George Barney earns $5.50 per hour (assume this is the current minimum wage). They both worked 36 hours this week. Both are married; however, Sandy claims 2 exemptions and George claims 1 exemption. Assume a rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare.**Questions:**a. **What is Sandy’s net pay after FIT** (use the [Table 91](#) and [Table 92](#)), Social Security tax, state income tax, and Medicare have been taken out? *(Round your answer to the nearest cent.)* **Sandy’s net pay after FIT**: ______________b. **What is George’s net pay after the same deductions?** *(Round your answer to the nearest cent.)* **George’s net pay after FIT**: ______________

Deductions are the diminution in the amount of tax payable due to exemptions.

The San Bernardino County Fair hires about 100 people during fair time. Their hourly wages range from $5.50 to $8.50. California has a state income tax of 9%. Sandy Denny earns $8.50 per hour; George Barney earns $5.50 per hour (assume this is the current minimum wage). They both worked 36 hours this week. Both are married; however, Sandy claims 2 exemptions and George claims 1 Check exemption. Assume a rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare. a. What is Sandy's net pay after FIT (use the Table 91 and Table 9.2), Social Security tax, state income tax, and Medicare have been taken out? (Round your answer to the nearest cent.) Sandy's net pay after FIT b. What is George's net pay after the same deductions? (Round your answer to the nearest cent.) George's net pay after FIT Next > 915 670/2 12 of 13 < Prev

The San Bernardino County Fair hires about 100 people during fair time. Their hourly wages range from $5.50 to $8.50. California has a state income tax of 9%. Sandy Denny earns $8.50 per hour; George Barney earns $5.50 per hour (assume this is the current minimum wage). They both worked 36 hours this week. Both are married; however, Sandy claims 2 exemptions and George claims 1 Check exemption. Assume a rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare. a. What is Sandy's net pay after FIT (use the Table 91 and Table 9.2), Social Security tax, state income tax, and Medicare have been taken out? (Round your answer to the nearest cent.) Sandy's net pay after FIT b. What is George's net pay after the same deductions? (Round your answer to the nearest cent.) George's net pay after FIT Next > 915 670/2 12 of 13 < Prev

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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