Question suppose you are single and work for a company that, Ask an Expert

Accounting

Question: 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 weekly hours exceeding 40 hours.In a typical workweek, you work 44 hours. Assume you are paid biweekly. Find the following for each biweekly pay. 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, use percentage method.)

8) Net earnings to the nearest penny.

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

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M93079945

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