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You are the payroll accountant for Multi Winds Energy of Cornelius, North Carolina, whose employees...

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Accounting

You are the payroll accountant for Multi Winds Energy of Cornelius, North Carolina, whose employees are paid biweekly. An employee,
Larson, comes to you on September 14 and requests a pay advance of $1,030, which will be paid back in equal parts on the
September 22 and October 20 paychecks. Larson is single, has no dependents, is paid $54,000 per year, contributes 5 percent of
gross pay to a 401(k) plan, and has $250 per paycheck deducted for a court-ordered garnishment. Assume that no pre-tax deductions
exist for the employee and box 2 is not checked.
Required:
Compute the net pay for Larson's September 24 paycheck. The state income tax rate is 4.75 percent. Use the wage bracket tables in
Appendix C to determine the federal income tax withholding amount. You do not need to complete the number of hours.
Note: Round your intermediate calculations and final answer to 2 decimal places.
Answer is complete but not entirely correct.
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