k Required: Compute the net pay for Eve Khan and Marn Hart. Assume that they are paid a $2,590 salary biweekly, subject to federal income tax (use the wage-bracket method) in Appendix C and FICA taxes, and have no other deductions from their pay. They have a state tax rate of 3 percent. If they choose to participate in the cafeteria plan, the deduction for the pay period is $100; otherwise, there is no deduction for the cafeteria plan. The cafeteria plan qualifies under Section 125. You do not need to complete the number of hours. Additional information for Eve: Box 2 is not checked, and the dependents are under 17. Note: Round your intermediate calculations and final answers to 2 decimal places. t nt Name Filing Status Dependents Period wage Number of Regular Hours Number of Overtime Hours Number of Holiday Hours Commissions ences Eve Khan-no cafeteria plan Eve Khan-cafeteria plan Marn Hart-no cafeteria plan Marn Hart-cafeteria plan MJ 2<17 $ 2,590.00 MJ 2<17 $ 2,590.00 S 0 $ 2,590.00 S 0 $ 2,590.00 Taxable Wages Name Gross Earnings for Federal or State W/H Taxable Wages for FICA Federal W/H Social Security Tax Medicare W/H Tax State W/H Tax Eve Khan-no cafeteria plan Eve Khan-cafeteria plan $ 2.590.00 $ 2,590.00 Marn Hart no cafeteria plan 59 $ 2,590.00 $ 2,590.00 $ 2,490.00 $ 2,490,00 $ 160.58 $ 154.38 $ R A A ว Eon กก. R 160 c 37 55 36.10 $ 37 FE $ 77 70 74.70 77.70
k Required: Compute the net pay for Eve Khan and Marn Hart. Assume that they are paid a $2,590 salary biweekly, subject to federal income tax (use the wage-bracket method) in Appendix C and FICA taxes, and have no other deductions from their pay. They have a state tax rate of 3 percent. If they choose to participate in the cafeteria plan, the deduction for the pay period is $100; otherwise, there is no deduction for the cafeteria plan. The cafeteria plan qualifies under Section 125. You do not need to complete the number of hours. Additional information for Eve: Box 2 is not checked, and the dependents are under 17. Note: Round your intermediate calculations and final answers to 2 decimal places. t nt Name Filing Status Dependents Period wage Number of Regular Hours Number of Overtime Hours Number of Holiday Hours Commissions ences Eve Khan-no cafeteria plan Eve Khan-cafeteria plan Marn Hart-no cafeteria plan Marn Hart-cafeteria plan MJ 2<17 $ 2,590.00 MJ 2<17 $ 2,590.00 S 0 $ 2,590.00 S 0 $ 2,590.00 Taxable Wages Name Gross Earnings for Federal or State W/H Taxable Wages for FICA Federal W/H Social Security Tax Medicare W/H Tax State W/H Tax Eve Khan-no cafeteria plan Eve Khan-cafeteria plan $ 2.590.00 $ 2,590.00 Marn Hart no cafeteria plan 59 $ 2,590.00 $ 2,590.00 $ 2,490.00 $ 2,490,00 $ 160.58 $ 154.38 $ R A A ว Eon กก. R 160 c 37 55 36.10 $ 37 FE $ 77 70 74.70 77.70
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:k
Required:
Compute the net pay for Eve Khan and Marn Hart. Assume that they are paid a $2,590 salary biweekly, subject to federal income tax
(use the wage-bracket method) in Appendix C and FICA taxes, and have no other deductions from their pay. They have a state tax rate
of 3 percent. If they choose to participate in the cafeteria plan, the deduction for the pay period is $100; otherwise, there is no
deduction for the cafeteria plan. The cafeteria plan qualifies under Section 125. You do not need to complete the number of hours.
Additional information for Eve: Box 2 is not checked, and the dependents are under 17.
Note: Round your intermediate calculations and final answers to 2 decimal places.
t
nt
Name
Filing Status Dependents
Period wage
Number of
Regular
Hours
Number of
Overtime Hours
Number of
Holiday Hours
Commissions
ences
Eve Khan-no cafeteria plan
Eve Khan-cafeteria plan
Marn Hart-no cafeteria plan
Marn Hart-cafeteria plan
MJ
2<17
$ 2,590.00
MJ
2<17
$ 2,590.00
S
0
$ 2,590.00
S
0
$ 2,590.00
Taxable Wages
Name
Gross Earnings for Federal or
State W/H
Taxable
Wages for
FICA
Federal W/H
Social Security
Tax
Medicare W/H Tax
State W/H Tax
Eve Khan-no cafeteria plan
Eve Khan-cafeteria plan
$
2.590.00
$
2,590.00
Marn Hart no cafeteria plan
59
$
2,590.00
$ 2,590.00
$
2,490.00
$
2,490,00
$
160.58 $
154.38 $
R
A
A
ว Eon กก.
R
160 c
37 55
36.10 $
37 FE
$
77 70
74.70
77.70
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