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Unit 6 Assignment – McGraw HillCompute the net pay for Karen Wilson and Katie Smith. Assume that they are paid a $2,560 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 Karen: Box 2 is not checked and the dependents are under 17. Additional information for Katie: Box 2 is checked. (Round your intermediate calculations and final answers to 2 decimal places.)Tooka's Trees in Auburn, Tennessee, has six employees who are paid biweekly. Assume that all wages are subject to Social Security and Medicare taxes. All 401(k) and Section 125 amounts are pre-tax deductions. The wages are not subject to state taxes. You do not need to complete the number of hours.Required:Calculate the net pay from the information provided below for the November 15 pay date. Use the percentage method in Appendix C (or the IRS federal income tax assistant or IRS Publication 15-T) to compute federal income taxes. Assume that box 2 is not checked for all employees. (Round your intermediate calculations and final answers to 2 decimal places.)a.T. TaylorSingle, two dependents <17Gross pay: $1,100 per period401(k) deduction: $50 per pay period b.B. WalburnMarried/Joint, two dependents <17Gross pay: $1,375 per period401(k) deduction: $140 per period c.H. CarpenterSingle, no dependentsGross pay: $1,300 per periodSection 125 deduction: $65 per period401(k) deduction: $40 per period d.J. KnightMarried/Joint, one dependent <17Gross pay: $1,915 per periodUnited Way deduction: $50 per periodGarnishment: $50 per period e.C. LunnSingle, no dependentsGross pay: $1,400 per periodSection 125 withholding: $50 per period401(k) deduction: 5% of gross pay f.E. SmooterMarried/Joint, 3 dependents <17Gross pay: $2,000 per period401(k) deduction: $75 per periodThe following employees of CIBA Ironworks in Bristol, Illinois, are paid in different frequencies. Some employees have union dues or garnishments deducted from their pay.Required:Calculate their net pay using the percentage method in Appendix C (or the IRS federal income tax assistant or IRS Publication 15-T). Include Illinois income tax of 4.95 percent of taxable pay. No employee has exceeded the maximum FICA limits. You do not need to complete the number of hours. Assume that box 2 is not checked for all employees. (Round your intermediate calculations and final answers to 2 decimal places.)Required:Compute the Federal income tax withholding for each employee using the percentage method in Appendix C (or the IRS federal income tax assistant). Assume that no pre-tax deductions exist for any employee, all W-4s are from 2020 and box 2 is checked for all employees. (Round your intermediate calculations and final answers to 2 decimal places.) 
Unit 6 Payroll - McGraw Hill Assignment

Unit 6 Payroll - McGraw Hill Assignment

Question # 00810185 Posted By: MrsDanielle2001 Updated on: 09/04/2021 05:05 PM Due on: 09/06/2021
Subject Finance Topic Finance Tutorials:
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I am needing some assistance getting this assignment completed.  I have attached the questions along with the Appendix C that is needed to assist with answering the questions.

Thank You

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Unit_6_McGraw_Hill_Assignment.docx (129.8 KB)
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  1. spqr
    Tutorial # 00805361 Posted By: spqr Posted on: 09/04/2021 10:14 PM
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