FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:An employee works 47 hours (47 - 40 were overtime hours)
during a workweek in October of 2023. The employee earns
$46/hour, with his employer paying 1.5 times the regular rate
of pay for overtime hours. To date, he has earned $1163,050
during the present year. He has requested that his employer
withhold 7% of gross pay, which is to be contributed to a
401(k) plan.
Taxable income for federal income tax withholding = $
Taxable income for social security tax = $
Taxable income for medicare tax = $
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