Through the classifieds of the Miami Herald Rhonda Brennan found her first job after graduating from college. She was delighted whenthe offer came through at $21.50 per hour. She completed her W-4 stating that she is married filing as head of household. Hercompany will pay her biweekly for 80 hours.Calculate her take-home pay for her first check. The tax rate for Social security is 6.2% and Medicare is 1.45%. (Use Table 7.1.)Note: Do not round intermediate calculations. Round your answer to the nearest cont

To calculate Rhonda's take-home pay for her first check, we need to determine her gross pay,…

Answered: Through the classifieds of the Miami…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter2: Gross Income And Exclusions

Section: Chapter Questions

Problem 10P

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Rhonda Brennan found her first job after graduating from college through the classifieds of the Miami Herald. She was delighted wher the offer came through at $16.20 per hour. She completed her W-4 stating that she is married with a child and claims an allowance of 3. Her company will pay her biweekly for 80 hours (assume a tax rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare). Calculate her take-home pay for her first check. (Use Table 9.1 and Table 9.2) (Round your answer to the nearest cent.) Net pay
Samantha Montgomery (age 42) is employed by Canon Company and is paid an annual salary of $62,430. She has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Montgomery: Round your answer to the nearest cent. a. What is the maximum that she can contribute into this retirement fund? $fill in the blank 1 b. What would be the company's contribution? $fill in the blank 2 Note: For items c. & d. below, round interim amounts to two decimal places. Use these values in subsequent computations then round final answer to two decimal places. c. What would be her weekly take-home pay with the retirement contribution deducted (married, 2 allowances, wage-bracket method, and a 2.3% state income tax on total wages)? Click here to access the Wage-Bracket Method Tables. $fill in the blank 3 d. What would be her weekly take-home pay without the retirement contribution deduction? $fill in the blank 4
Rhonda Brennan found her first job after graduating from college through the classifieds of the Miami Herald. She was delighted when the offer came through at $15.20 per hour. She completed her W-4 stating that she is married filing jointly. Her company will pay her biweekly for 80 hours (assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare). Calculate her take-home pay for her first check. (Use Table 9.1) Note: Round your answer to the nearest cent. Net pay The tentative amount to withhold is: с Married Filing Jointly $ 0.00 $ 0.00 $76.60 $358.84 $1,134.78 $ 2,584.86 $3,680.22 $ 6,499.82 At least But less than- B A $0 $ 965 $ 965 $ 1,731 $1,731 $4,083 $4,083 $7,610 $7,610 $ 13,652 $ 13,652 $ 17,075 $17,075 $ 25,131 $ 25,131 Plus this percentage D 0% 10% 12% 22% 24% 32% 35% 37% of the amount that the Adjusted Wage exceeds- E - Table 9.1 A At least But less than- TABLE 2-BIWEEKLY Payroll Period $0 $0 $483 $ 965 $ 1,731 $ 865 $4,083 $2,041 $7,610 $3,805 $…
Karen’s Moore is married, claims five withholding allowances, and earns $3,500 per month. In addition to social security, Medicare, and FIT, Karen pays 2.1% state income tax, 1/2 for state disability insurance (both based on gross income), $43.11 for life insurance, and $72.30 to the creditunion. As payroll manager for Karen’s company, calculate her net take-home pay per month.
Steven takes a full-time position that pays an hourly wage of $32. The job assumes that he will work five 8-hour days a week. The government takes out 6.2% for Social Security, 1.45% for Medicare, and 15% for Federal income tax. Steven will have $80 taken out for health insurance and 6% of his after-tax monthly income taken out for retirement. GAI _________________ GMI _________________ ATM _________________ Total Expenses ________________ Net __________________
Madeline Rollins is trying to decide whether she can afford a loan she needs in order to go to chiropractic school. Right now Madeline is living at home and works in a shoe store, earning a gross income of $960 per month. Her employer deducts a total of $170 for taxes from her monthly pay. Madeline also pays $115 on several credit card debts each month. The loan she needs for chiropractic school will cost an additional $170 per month. Calculate her debt payments-to-income ratio with and without the college loan. (Remember the 20 percent rule.) (Enter your answers as a percent rounded to 2 decimal places.) With college loan Without college loan Debt Payments-to- Income Ratio
Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at $35,300. How much Social Security and Medicare must he pay (in $) this year? Social Security $ Medicare $
Mary started a new job and wants to verify her net pay has been computed correctly. Her gross pay per pay period is $512.37 She has the following deductions: Social Security tax 6.2%, Medicare tax 1.45%, federal withholding tax $135.38, state withholding tax $82.10, retirement insurance contribution $12.00, disability insurance fee $3.45, medical insurance fee $20.19, and dental insurance fee $9.00. What should her net pay be for this pay period?
Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at $38,200. How much Social Security and Medicare must he pay (in $) this year?
Kim is trying to decide whether she can afford a loan she needs in order to go to chiropractic school. Right now Kim is living at home and works in a shoe store, earning a gross income of $970 per month. Her employer deducts $221 for taxes from her monthly pay. Kim also pays $98 on several credit card debts each month. The loan she needs for chiropractic school will cost an additional $109 per month. Help Kim make her decision by calculating her debt payments-to-income ratio with and without the college loan. (Remember the 20 percent rule.) (Enter your answers as a percent rounded to 2 decimal places.) Debt Payments-to-Income Ratio Ratio with college loan Ratio without college loan
2. Maria Metcalf, a heating technician, has a gross weekly income of $502.16. Her earnings to date for this year are $20,086.40. How much is deducted from her paycheck this week for Social Security? How much for Medicare?
Madeline Rollins is trying to decide whether she can afford a loan she needs in order to go to chiropractic school. Right now Madeline is living at home and works in a shoe store, earning a gross income of $1,140 per month. Her employer deducts a total of $260 for taxes from her monthly pay. Madeline also pays $160 on several credit card debts each month. The loan she needs for chiropractic school will cost an additional $260 per month. Calculate her debt payments-to-income ratio with and without the college loan. (Remember the 20 percent rule.) (Enter your answers as a percent rounded to 2 decimal places.) Debt Payments-to-Income Ratio With college loan % Without college loan %. Pls show steps complete.

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