Liam Wallace is general manager of Moonwalk Salons. During 2016, Wallace worked

Question

Liam Wallace is general manager of Moonwalk Salons. During 2016, Wallace worked for the company all year at a $13,600 monthly salary He also earned a year-end bonus equal to 5% of his annual salary Wallace's federal income tax withheld during 2016 was $2,040 per month, plus $1,224 on his bonus check. State income tax withheld came to $170 per month, plus $80 on the bonus. FICA tax was withheld on the annual earnings. Wallace authorized the following payroll deductions. Charity Fund contribution of 4% of total earnings and life insurance of $30 per month

Explanation / Answer

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Gross Pay Salary 163200 Bonus 8160 Gross Pay 171360 Net Pay: Employee OASDI Tax 7254 Witholding Deductions:     Employee Medicare Tax 2485     Federal Income Tax 25704     State Income Tax 2120     Charity Fund Contribution 6854     Life Insurance 360 37523      Total withholdings 44777       Net Pay 126583

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