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Question 7/74
Using the wage bracket method and the information below, calculate the employee's weekly net pay.
Correct Answer: D
Comprehensive and Detailed Explanation:
Gross Pay Calculation:
Hourly Rate × Hours Worked = $10.00 × 40 = $400.00
Taxable Wages:
Gross Pay: $400.00
Pre-Tax Deductions: $50 (Medical) + $10 (Dental) + $25 (401k) = $85.00
Taxable Wages = $400 - $85 = $315.00
Federal Income Tax Withholding (Wage Bracket Method):
Based on IRS tables for single filers, FIT = approx. $20.00
Social Security & Medicare Taxes:
Social Security (6.2%) = $400 × 6.2% = $24.80
Medicare (1.45%) = $400 × 1.45% = $5.80
Total Deductions:
$20.00 (FIT) + $24.80 (SS) + $5.80 (Medicare) + $25.00 (Union Dues) = $75.60 Net Pay:
$400 - $75.60 = $259.99
Thus, the correct answer is D. $259.99.
Reference:
IRS Publication 15-T - Wage Bracket Withholding Method
Payroll.org - Payroll Tax Calculation Guidelines
Gross Pay Calculation:
Hourly Rate × Hours Worked = $10.00 × 40 = $400.00
Taxable Wages:
Gross Pay: $400.00
Pre-Tax Deductions: $50 (Medical) + $10 (Dental) + $25 (401k) = $85.00
Taxable Wages = $400 - $85 = $315.00
Federal Income Tax Withholding (Wage Bracket Method):
Based on IRS tables for single filers, FIT = approx. $20.00
Social Security & Medicare Taxes:
Social Security (6.2%) = $400 × 6.2% = $24.80
Medicare (1.45%) = $400 × 1.45% = $5.80
Total Deductions:
$20.00 (FIT) + $24.80 (SS) + $5.80 (Medicare) + $25.00 (Union Dues) = $75.60 Net Pay:
$400 - $75.60 = $259.99
Thus, the correct answer is D. $259.99.
Reference:
IRS Publication 15-T - Wage Bracket Withholding Method
Payroll.org - Payroll Tax Calculation Guidelines
- Question List (74q)
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