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Question: You can work 40 hours per pay period while attending school earning $12.50 an hour. There are two pay periods per month. NOW Assume you have deductions for health care of $25 per pay period and 401K deduction of $50 per pay period. These deductions are pretax.

Gross Pay per pay period: $
Taxable Income per pay period:

You pay 11% in federal taxes. Federal tax withholding per pay period: $

___

Use the state tax rates below and calculate State tax withholding per pay period: $
(round to two decimals)

_____

From the image:

Calculate FICA withholding per pay period: $

Calculate Medicare withholding per pay period: $
(round to two decimals)

What is your Net pay per pay period: $
​​​​​​​(round to two decimals)

Question You Can Work 40 Hours Per Pay Period While Attending School Earning 1250 An Hour There Are Two Pay Periods Per Month NOW Assume You Have Deductions For class=

Sagot :

anthougo

1) Based on the information, the following taxation calculations can be made:

a) Gross Pay per pay period: $500

b) Taxable Income per pay period: $425

c) Since you pay 11% in federal taxes, the Federal tax withholding per pay period is $46.75.

2) The State tax withholding per pay period is $20.

3) The calculation of FICA, Medicare, and the Net Pay per pay period is as follows:

FICA withholding per pay period: $25.50

Medicare withholding per pay period: $6.16

Net Pay per pay period = $326.59

Data and Calculations:

Total hours worked per pay period = 40 hours

Rate per hour = $12.50

Pay periods per month = 2

Gross pay per pay period = $500 (40 x $12.50)

Deductions per pay period:

Health care = $25

401K deduction = $50

Total deductions per pay period = $75

Taxable income per pay period = $425 ($500 - $75)

Federal taxes = 11%

Federal tax withholding per pay period: $46.75 ($425 x 11%)

Annual taxable income = $10,200 ($425 x 24)

State withholding tax (annual) = $480 {$120 + ($10,200 - $5,000) x 5%}

State withholding tax per pay period = $20 ($480/24)

FICA withholding per pay period: $25.50 ($425 x 6.2%)

Medicare withholding per pay period: $6.16 ($425 x 1.45%)

Net Pay per pay period:

Gross Pay $500

Total deductions $75

Taxable income = $425

Federal Withholding = $46.75

State Withholding = $20

]FICA Withholding = $25.50

Medicare Withholding = $6.16

Net Pay per pay period = $326.59

Learn more about computing the net pay at https://brainly.com/question/15858747

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