Use the following to answer questions 14 – 18 - You have been working at a local distributor for the past couple of years. Your bi-weekly salary is $1,500. Your average income tax rate is 12% plus FICA taxes at 7.65%. Your employer provides health insurance to you which costs your employer $500.00 per pay and costs you $30 per pay (assume this is after tax). Determine the following based on your pay for your LAST paycheck of the vear
Use the following to answer questions 14 – 18 - You have been working at a local distributor for the past couple of years. Your bi-weekly salary is $1,500. Your average income tax rate is 12% plus FICA taxes at 7.65%. Your employer provides health insurance to you which costs your employer $500.00 per pay and costs you $30 per pay (assume this is after tax). Determine the following based on your pay for your LAST paycheck of the vear
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
What questions 17,18
Transcribed Image Text:Use the following to answer questions 14 – 18
You have been working at a local distributor for the past
couple of years. Your bi-weekly salary is $1,500. Your
average income tax rate is 12% plus FICA taxes at
7.65%. Your employer provides health insurance to you
which costs your employer $500.00 per pay and costs you
$30 per pay (assume this is after tax). Determine the
following based on your pay for your LAST paycheck of
the year.
How much will your employer
withhold from your paycheck for federal income
14.
$
taxes?
How much will your employer
$
withhold from your paycheck for FICA taxes?
15.
16.
2$
How much will your employer
direct deposit into your bank account for your pay
17.
$
What is your total cost to your
employer for the bi-weekly pay period?
If you work &80 hours bi-weekly,
what is the average hourly cost to your employer for
(round to the nearest cent)
18.
$
your services?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education