ences 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. Name Eve Khan-no cafeteria plan Eve Khan-cafeteria plan Marn Hart-no cafeteria plan Marn Hart-cafeteria plan Filing Status Dependents Period wage Number of Regular Hours Number of Overtime Hours Number of Holiday Hours Commissions 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 Tax Social Security Medicare W/H Tax State W/H Tax $ 2,590.00 $ 2,590.00 $ 2,590.00 S $ 2,590.00 2,490.00 $ 2,490.00 S 160.58 $ 154.38 S 37.55 $ 77 70 C con nn C can no с can onl 150 cel C 36.10 37 P $ 74.70 7770 Eve Khan-no cafeteria plan Eve Khan-cafeteria plan Mam Had
ences 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. Name Eve Khan-no cafeteria plan Eve Khan-cafeteria plan Marn Hart-no cafeteria plan Marn Hart-cafeteria plan Filing Status Dependents Period wage Number of Regular Hours Number of Overtime Hours Number of Holiday Hours Commissions 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 Tax Social Security Medicare W/H Tax State W/H Tax $ 2,590.00 $ 2,590.00 $ 2,590.00 S $ 2,590.00 2,490.00 $ 2,490.00 S 160.58 $ 154.38 S 37.55 $ 77 70 C con nn C can no с can onl 150 cel C 36.10 37 P $ 74.70 7770 Eve Khan-no cafeteria plan Eve Khan-cafeteria plan Mam Had
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:ences
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.
Name
Eve Khan-no cafeteria plan
Eve Khan-cafeteria plan
Marn Hart-no cafeteria plan
Marn Hart-cafeteria plan
Filing Status
Dependents
Period wage
Number of
Regular
Hours
Number of
Overtime Hours
Number of
Holiday Hours
Commissions
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
Tax
Social Security Medicare W/H Tax
State W/H Tax
$ 2,590.00 $
2,590.00
$ 2,590.00
S
$
2,590.00
2,490.00
$ 2,490.00
S
160.58 $
154.38 S
37.55
$
77 70
C
con nn C
can no
с
can onl
150 cel C
36.10
37 P
$
74.70
7770
Eve Khan-no cafeteria plan
Eve Khan-cafeteria plan
Mam Had
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