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Suppose you are single and work for a company that pays you $24/hour for all regular...

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Accounting

Suppose you are single and work for a company that pays you$24/hour for all regular hours and time -and-a-half for any weeklyhours exceeding 40 hours.In a typical workweek, you work 44 hours.Assume you are paid biweekly. Find the following for each biweeklypay. The tax year does not matter.

1)Gross Wages

2)FICA

3)Medicare

4)SDI

5)State Tax (3.1%)

6)Local Tax (1.2%)

7)Federal Withholding (Assume 2 withholding allowances, usepercentage method.)

8)Net earnings to the nearest penny.

9)What percent of gross is taken away for deductions? Write youranswer to the nearest tenth of a percent.

Answer & Explanation Solved by verified expert
3.9 Ratings (387 Votes)
Particulars Amount Gross wages 80 x 24 8 x 36 2208 FICA 62 136896 Medicare 145 2208 x 145 32016 SDI 01 2208 x 01 2208 State tax 2208 x 31 68448    See Answer
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Transcribed Image Text

Suppose you are single and work for a company that pays you$24/hour for all regular hours and time -and-a-half for any weeklyhours exceeding 40 hours.In a typical workweek, you work 44 hours.Assume you are paid biweekly. Find the following for each biweeklypay. The tax year does not matter.1)Gross Wages2)FICA3)Medicare4)SDI5)State Tax (3.1%)6)Local Tax (1.2%)7)Federal Withholding (Assume 2 withholding allowances, usepercentage method.)8)Net earnings to the nearest penny.9)What percent of gross is taken away for deductions? Write youranswer to the nearest tenth of a percent.

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