Sean Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $300.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($500.00), and the employer withholds the appropriate taxes for the tips from this first pay in March. Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, married, 2 allowances), social security taxes, and state income tax (2%). Enter deductions beginning with a minus sign (-). Click here to access the Wage-Bracket Method Tables. Gross pay $ Federal income tax   Social security taxes - OASDI   Social security taxes - HI   State income tax   Net pay $

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Sean Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $300.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($500.00), and the employer withholds the appropriate taxes for the tips from this first pay in March.

Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, married, 2 allowances), social security taxes, and state income tax (2%).

Enter deductions beginning with a minus sign (-).

Click here to access the Wage-Bracket Method Tables.

Gross pay $
Federal income tax  
Social security taxes - OASDI  
Social security taxes - HI  
State income tax  
Net pay $
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