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Mathematics, 01.03.2021 01:00 ratpizza
Frances Newberry is the payroll accountant for Pack-It Services of Jackson, Arizona. The employees of Pack-It Services are paid semimonthly. An employee, Glen Riley, comes to her on November 6 and requests a pay advance of $1,350, which he will pay back in equal parts on the November 15 and December 15 paychecks. Glen is married with eight withholding allowances and is paid $55,760 per year. He contributes 3 percent of his pay to a 401(k) and has $25 per paycheck deducted for a Section 125 plan.
Required:
Compute his net pay on his November 15 paycheck. The applicable state income tax rate is 2.88 percent. Use the Wage Bracket Method Tables for Income Tax Withholding in Appendix C.
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Frances Newberry is the payroll accountant for Pack-It Services of Jackson, Arizona. The employees o...
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