Homework Answers
| Gross Pay = ($12 x 37 hours )+(5% x 7000) | $794.00 |
| Less: Social security Tax = 6.25% x 794 | -49.625 |
| Less: Medicare Tax = 1.45% x 794 | -11.513 |
| Less: FIT = | -42.168 |
| Net Pay | $690.69 |
| FIT | |
| Gross Pay | $794.00 |
| Allowances claimed on Form W-4 = 79.80 x 2 | -$159.60 |
| Amount subject to withholding | $634.40 |
| Tax (36.60 + ($634.40 - $588) x 12% | 42.168 |
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