Assume a tax rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Comple
te the following payroll register. (Use the percentage method to calculate FIT for this weekly period.)
1 answer:
Answer:
Claimed 4 allowances at a rate of $76.90 per allowance for weekly payroll.
Taxable income is therefore;
= 3,500 - (76.90 * 4 )
= $3,192.40
Federal Income Tax (FIT).
With taxable income of $3,192.40, Pat falls into the $3,073 to $4,597 bracket where tax is $565.15 plus 28% of anything above $3,073. Status is married.
= 565.15 + (28% * (3,192.40 - 3,073))
= 565.15 + 33.43
= $598.58
Social Security
= Gross pay * 6.2%
= 3,500 * 6.2%
= $217
Medicare
= 3,500 * 1.45%
= $50.75
Net Pay
= 3,500 - 598.58 - 217 - 50.75
= $2,633.67
You might be interested in
Answer:
Step-by-step explanation:
We first need to determine the equation of the line.
Thus, we will need to find our slope first. To do so, we need to pick two points from the line. We can use (0, 5) and (3, 1).
Now, we can use the slope formula. Therefore:
Let (0, 5) be (x₁, y₁) and let (3, 1) be (x₂, y₂). Substitute appropriately:
Therefore, our slope is -4/3.
Now, we can use the slope-intercept form:
Where m is our slope and b is the y-intercept.
We already determined that the slope is -4/3.
And (0, 5) tells us that the y-intercept is 5. Therefore, substitute:
Finally, we need to determine our inequality sign.
Notice that our line is dotted. Hence, we do not need “or equal to.”
Also, the blue shaded region is below our line. Therefore, y must be less than our equation.
Hence, our sign is less than.
Therefore, our equation is: