Question

An employee works 51 hours (51 - 40 were overtime hours) during a workweek in December of 2018. He earns $10,000/month, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $129,700 during the year. He has requested that his employer withhold 9% of gross pay, which is to be contributed to a 401(k) plan. he For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income tax withholding, Social Security tax, and Medicare tax.

NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. as earned $129,700 during the year. He has requested that his employer withhold 9% of gross pay, which is to be contributed to a 401(k) plan.

Taxable income for federal income tax withholding =

$ Taxable income for social security tax =

$ Taxable income for medicare tax = $

Answer 1