Compute the net pay for each employee using the federal income tax withholding table included. Assume that FICA Social Security tax is 6.2% on a wage base limit of $142,800, Medicare is 1.45% on all earnings, the payroll is paid biweekly, and no state income tax applies. (Round each computation to the nearest cent as needed.) View the employee information. View the biweekly payroll period percentage method withholding chart. Compute the net pay for each employee. Li Kan Isabel Poland Gross earnings for the current pay period Deductions for employee withholding taxes Total deductions Net pay Employee Information Employee Status Li Kan Single $ Isabel Poland Single Cumulative Pay 59,000 $ 64,300 Biweekly Pay 1,650 1,600 BIWEEKLY Payroll Period Percentage Method Withholding Chart STANDARD Withholding Rate Schedules Single or Married Filing Separately of the amount The tentative that the Adjusted Wage withhold is: percentage-exceeds- amount to Plus this Adjusted wage amount is at least $0, but less than $483 $ 0.00 0% $ Adjusted wage amount is at least $483, but less than $865 $ 0.00 10% $ 483 Adjusted wage amount is at least $865, but less than $2,041 $ 38.20 12% $ 865 - X Adjusted wage amount is at least $2,041, but less than $3,805 Adjusted wage amount is at least $3,805, but less than $6,826 Adjusted wage amount is at least $6,826, but less than $8,538 Adjusted wage amount is at least $ 179.32 22% $ 2,041 $ 567.40 24% $ 3,805 $ 1,292.44 32% $ 6,826
Compute the net pay for each employee using the federal income tax withholding table included. Assume that FICA Social Security tax is 6.2% on a wage base limit of $142,800, Medicare is 1.45% on all earnings, the payroll is paid biweekly, and no state income tax applies. (Round each computation to the nearest cent as needed.) View the employee information. View the biweekly payroll period percentage method withholding chart. Compute the net pay for each employee. Li Kan Isabel Poland Gross earnings for the current pay period Deductions for employee withholding taxes Total deductions Net pay Employee Information Employee Status Li Kan Single $ Isabel Poland Single Cumulative Pay 59,000 $ 64,300 Biweekly Pay 1,650 1,600 BIWEEKLY Payroll Period Percentage Method Withholding Chart STANDARD Withholding Rate Schedules Single or Married Filing Separately of the amount The tentative that the Adjusted Wage withhold is: percentage-exceeds- amount to Plus this Adjusted wage amount is at least $0, but less than $483 $ 0.00 0% $ Adjusted wage amount is at least $483, but less than $865 $ 0.00 10% $ 483 Adjusted wage amount is at least $865, but less than $2,041 $ 38.20 12% $ 865 - X Adjusted wage amount is at least $2,041, but less than $3,805 Adjusted wage amount is at least $3,805, but less than $6,826 Adjusted wage amount is at least $6,826, but less than $8,538 Adjusted wage amount is at least $ 179.32 22% $ 2,041 $ 567.40 24% $ 3,805 $ 1,292.44 32% $ 6,826
Chapter4: Income Tax Withholding
Section: Chapter Questions
Problem 5PB
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Transcribed Image Text:Compute the net pay for each employee using the federal income tax withholding table included. Assume that FICA Social Security tax is 6.2% on a wage base limit of $142,800, Medicare is 1.45% on all earnings, the
payroll is paid biweekly, and no state income tax applies. (Round each computation to the nearest cent as needed.)
View the employee information.
Compute the net pay for each employee.
View the biweekly payroll period percentage method withholding chart.
Li Kan
Isabel Poland
Gross earnings for the current pay period
Deductions for employee withholding taxes
-
BIWEEKLY Payroll Period Percentage Method
Withholding Chart
STANDARD Withholding Rate Schedules
Single or Married Filing Separately
of the
amount
The
tentative
amount to Plus this
withhold is: percentage-exceeds—
that the
Adjusted
Wage
Total deductions
Net pay
Adjusted wage amount is at least $0,
but less than $483
$
0.00
0%
$
Adjusted wage amount is at least
$483, but less than $865
$
0.00
10%
$
483
Adjusted wage amount is at least
$865, but less than $2,041
$
38.20
12%
$
865
Adjusted wage amount is at least
Employee Information
$2,041, but less than $3,805
$
179.32
22%
$
2,041
Employee
Status
Cumulative Pay
Biweekly Pay
Li Kan
Single
$
59,000 $
1,650
Adjusted wage amount is at least
$3,805, but less than $6,826
Adjusted wage amount is at least
$6,826, but less than $8,538
Adjusted wage amount is at least
$
567.40
24%
$
3,805
$ 1,292.44
32%
$
6,826
Isabel Poland
Single
64,300
1,600
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