Brad Young is married with one withholding, earns $3,600 per month. Brad's employer pays him on...

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Brad Young is married with one withholding, earns $3,600 per month. Brad's employer pays him on...

Brad Young is married with one withholding, earns $3,600 per month. Brad's employer pays him on a semimonthly basis. He has two pre-tax deductions: qualified health insurance deductions of $100 per pay and a 5% 401(k) contribution. Brad will pay $157 in federal taxes.

Required: What is Brad's net pay? Round calculations to 2 decimal places and share calculations.

Employee Name: Brad Young

Married

# of withholding: 1

Wages: ???

Gross: ???

Insurance: $100

401(k): 5%

Federal Taxable wages: ???

FICA taxable wages: ???

Federal Withholding: ???

Social Security withholding: ???

Medicare withholding: ???

Net Pay: ???

business accounting

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Answer 1

Answer #1

Employee name	Married/single	# of withhold	Wages	Gross	Insurance	401(k)	Federal taxable ages	FICA taxable ages	Federal WH	Social security WH	Medicare WH	Neet pay
Brad Young	married	1	$43200	$1800	100	90	1710	1800	157	111.60	26.10	$1315.30

Wages = 3600*12 = 43200

Gross = 3600/2 = 1800 (Semimonthly basis)

401(k) contribution = 1800*5% = 90

Federal taxable ages = 1800-90 = $1710

FICA tax – social security tax = 1800*6.2% = $356.50

FICA tax – Medicare tax = 1800*1.45% = $83.38

Net Pay = gross pay – social security tax – medicare tax – federal income tax withheld – health insurance deduction – contribution to retirement plan = 1800-111.60-26.10-157-100-90 = 1315.30

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Answer 2

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