Frances Newberry is the payroll accountant for Pack-It Services of Jackson, Arizona. The employees of Pack-It Services are paid semimonthly. An employee, Glen Riley, comes to her on November 6 and requests a pay advance of $750, which he will pay back in equal parts on the November 15 and December 15 paychecks. Glen is married filing jointly (There is no information for Step 4 and the W-4 was received in 2020. Box 2 is checked) with three dependents under 17 and is paid $50,000 per year. He contributes 3 percent of his pay to a 401(k) and has $125 per paycheck deducted for a Section 125 plan. Required: Compute his net pay on his November 15 paycheck. The applicable state income tax rate is 2.88 percent. Use the percentage method in Appendix C to determine the federal income tax. (Round your intermediate calculations and final answer to 2 decimal places.) Net pay
Frances Newberry is the payroll accountant for Pack-It Services of Jackson, Arizona. The employees of Pack-It Services are paid semimonthly. An employee, Glen Riley, comes to her on November 6 and requests a pay advance of $750, which he will pay back in equal parts on the November 15 and December 15 paychecks. Glen is married filing jointly (There is no information for Step 4 and the W-4 was received in 2020. Box 2 is checked) with three dependents under 17 and is paid $50,000 per year. He contributes 3 percent of his pay to a 401(k) and has $125 per paycheck deducted for a Section 125 plan. Required: Compute his net pay on his November 15 paycheck. The applicable state income tax rate is 2.88 percent. Use the percentage method in Appendix C to determine the federal income tax. (Round your intermediate calculations and final answer to 2 decimal places.) Net pay
Chapter1: Financial Statements And Business Decisions
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