Taxable income for federal income tax withholding

Assignment Help Financial Accounting

Reference no: EM131265888

An employee works 50 hours (50-40 were overtime hours) during a workweek in December of 2015. He earns $9,500/month, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $109,700 during the year. He has requested that his employer withhold 13% of gross pay to contribute to a 403(b) plan.

Taxable income for federal income tax withholding = $

Taxable income for social security tax = $

Taxable income for medicare tax = $

Reference no: EM131265888

Questions Cloud

Revenue rulings are accumulated in the cumulative bulletins : Revenue Rulings are accumulated in the Cumulative Bulletins. One of the objectives of the federal tax law is to achieve equity across taxpayers. Under the accrual method of accounting for taxes, income is recognized in the year it is actually receive..

Identify any variable that may impact court decision proceed : For a court to consider a case it must have jurisdiction, have a recognized statutory period, and be truly adversarial for which no previous decision has been given. Create and present a case in which these components are present and identify any ..

Employees to learn new technologies : IBM Offers Training and pay cuts to its employees to learn new Technologies. Is this program strategic? Why or Why Not? Should the employees salaries be reduced for the time they attend training programs? Provide a rationale for your answer. What ..

Theoretical implications of improper configuration : The Microsoft Baseline Security Analyzer (MBSA) is a powerful tool to identify missing security updates and common security misconfigurations in a networked environment. This lab will involve researching to understand the theoretical implications ..

Taxable income for federal income tax withholding : An employee works 50 hours (50-40 were overtime hours) during a workweek in December of 2015. He earns $9,500/month, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $109,700 during the year. He ha..

Find the speed at no-load and the speed regulation : A 600 V dc motor drives a 60 kW load at 900 rpm. The shunt field resistance is 100 W and the armature resistance is 0.16 Ω. If the motor efficiency is 85%

Montgomery record note payable and corresponding cost : On January 1, 2016, the Montgomery Company agreed to purchase a building by making six payments. The first three are to be $28,000 each, and will be paid on December 31, 2016, 2017, and 2018. At what amount should Montgomery record the note payable a..

Functionalism-conflict theory-symbolic interactionism : Which of the three sociological perspectives (Functionalism, Conflict Theory, or Symbolic Interactionism) best explains the social problems that exist in society? Why do you think the perspective that you chose best explains social problems?

Prepare an income statement for each of the five years : On January 1, 2014 Zhao Company purchased equipment for $26,800 that had a $4,000 salvage value and an expected useful life of four years. The equipment was used to produce the following revenues (assume all revenue transactions are for cash). Prepar..

User Account

All Pages