Exam 4: Employee Net Pay and Pay Methods

Max earned $1,019.55 during the most recent semimonthly pay period.He is single with 1 withholding allowance and has no pre-tax deductions.Using the following table,how much should be withheld for federal income tax?

The use of paycards as a means of transmitting employee pay began in the 1990s with over-the-road drivers out of a need to transmit funds reliably on payday.

The purpose of paycards as a pay method is to ______________________________.

Warren is a married employee with six withholding allowances.During the most recent biweekly pay period,he earned $9,450.00.Using the percentage method,compute Warren's federal income tax.(Do not round interim calculations,only round final answer to two decimal points. )

Which body issued Regulation E to protect consumers from loss of deposited funds?

Charitable contributions are an example of post-tax voluntary deductions.

State and Local Income Tax rates __________________________.

The purpose of the wage base used for the Social Security tax is ______________________________.

Olga earned $1,558.00 during the most recent weekly pay period.She is single with 2 withholding allowances and no pre-tax deductions.Using the percentage method,compute Olga's federal income tax for the period.(Do not round intermediate calculations.Round final answer to two decimal places. )

Disposable income is defined as:

The factors that determine an employee's federal income tax are ____________________.

What is an advantage of direct deposit from the employee's perspective?

Retirement fund contributions are considered Pre-Tax Deductions because ____________________.

Collin is a full-time exempt employee in Juneau,Alaska,who earns $135,000 annually and has not yet reached the Social Security wage base.He is single with 1 withholding allowance and is paid semimonthly.He contributes 3% per pay period to his 401(k)and has pre-tax health insurance and AFLAC deductions of $150 and $25,respectively.Collin has a child support garnishment of $300 per pay period.What is his net pay? (Use the percentage method.Do not round interim calculations,only round final answer to two decimal points. )

Jesse is a part-time nonexempt employee in Austin,Texas,who earns $12.50 per hour.During the last biweekly pay period he worked 35 hours.He is married with zero withholding allowances,which means his federal income tax deduction is $10.00,and has additional federal tax withholding of $30 per pay period.What is his net pay? (Do not round interim calculations,only round final answer to two decimal points. )

Andie earned $680.20 during the most recent weekly pay period.She is single with 3 withholding allowances and needs to decide between contributing 2.5% and $25 to her 401(k)plan.If she chooses the method that results in the lowest taxable income,how much will be withheld for federal income tax (based on the following table)?

Brent is a full-time exempt employee in Clark County,Indiana.He earns an annual salary of $48,000 and is paid semimonthly.He is married with 3 withholding allowances.His state income tax per pay period is $57.38,and Clark County income tax is $33.75 per pay period.What is the total of FICA,federal,state,and local deductions per pay period,assuming no Pre-Tax Deductions? (Use the wage-bracket table to determine federal taxes.Do not round intermediate calculations,only round final answer to two decimal points. )

From the employer's perspective,which of the following is a challenge of paying employees by direct deposit?

The wage-bracket of determining federal tax withholding yields more accurate amounts than the percentage method.

A firm has headquarters in Indiana,but has offices in California and Utah.For employee taxation purposes,it may choose which of those three states income tax laws it wishes to use.