FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have
union dues or garnishments deducted from their pay.
Required:
Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to
determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.55 percent of taxable
pay. No employee has exceeded the maximum FICA limit. (Round your intermediate calculations and final answers to 2 decimal
places.)
Employee
S. Bergstrom
C. Pare
L Van der Hooven
S Lightfoot
Filing Status.
Dependents
MJ-0
MJ-2 (<17)
S-1 (Other)
MJ-0
$
$
$
S
Pay
Union Dues
per Period
1,730
3,560 $
3,285 $
2.910
120
240
Garnishment
per Period
$
$
50
75
100
Net Pay
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Transcribed Image Text:The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay. Required: Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.55 percent of taxable pay. No employee has exceeded the maximum FICA limit. (Round your intermediate calculations and final answers to 2 decimal places.) Employee S. Bergstrom C. Pare L Van der Hooven S Lightfoot Filing Status. Dependents MJ-0 MJ-2 (<17) S-1 (Other) MJ-0 $ $ $ S Pay Union Dues per Period 1,730 3,560 $ 3,285 $ 2.910 120 240 Garnishment per Period $ $ 50 75 100 Net Pay
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