You have been working at a local distributor for the past couple of years. Your bi-weekly salary is $1,500. Your average income tax rate is 12% plus FICA taxes at 7.65%. Your employer provides health insurance to you which costs your employer $500.00 per pay and costs you $30 per pay (assume this is after tax). Determine the following based on your pay for your LAST paycheck of the year. How much will your employer withhold from your paycheck for federal income 14. $ taxes? How much will your employer $ withhold from your paycheck for FICA taxes? 15. How much will your employer direct deposit into your bank account for your pay 16. $
You have been working at a local distributor for the past couple of years. Your bi-weekly salary is $1,500. Your average income tax rate is 12% plus FICA taxes at 7.65%. Your employer provides health insurance to you which costs your employer $500.00 per pay and costs you $30 per pay (assume this is after tax). Determine the following based on your pay for your LAST paycheck of the year. How much will your employer withhold from your paycheck for federal income 14. $ taxes? How much will your employer $ withhold from your paycheck for FICA taxes? 15. How much will your employer direct deposit into your bank account for your pay 16. $
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 1PB
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Question
Transcribed Image Text:Use the following to answer questions 14 – 18
You have been working at a local distributor for the past
couple of years. Your bi-weekly salary is $1,500. Your
average income tax rate is 12% plus FICA taxes at
7.65%. Your employer provides health insurance to you
which costs your employer $500.00 per pay and costs you
$30 per pay (assume this is after tax). Determine the
following based on your pay for your LAST paycheck of
the year.
How much will your employer
withhold from your paycheck for federal income
14.
$
taxes?
15.
2$
How much will your employer
withhold from your paycheck for FICA taxes?
How much will your employer
direct deposit into your bank account for your pay
16.
$
17.
$
What is your total cost to your
employer for the bi-weekly pay period?
$4
If you work 80 hours bi-weekly,
what is the average hourly cost to your employer for
(round to the nearest cent)
18.
your services?
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