1) Based on the information, the following taxation calculations can be made:
a) Gross Pay per pay period: $500
b) Taxable Income per pay period: $425
c) Since you pay 11% in federal taxes, the Federal tax withholding per pay period is $46.75.
2) The State tax withholding per pay period is $20.
3) The calculation of FICA, Medicare, and the Net Pay per pay period is as follows:
FICA withholding per pay period: $25.50
Medicare withholding per pay period: $6.16
Net Pay per pay period = $326.59
Data and Calculations:
Total hours worked per pay period = 40 hours
Rate per hour = $12.50
Pay periods per month = 2
Gross pay per pay period = $500 (40 x $12.50)
Deductions per pay period:
Health care = $25
401K deduction = $50
Total deductions per pay period = $75
Taxable income per pay period = $425 ($500 - $75)
Federal taxes = 11%
Federal tax withholding per pay period: $46.75 ($425 x 11%)
Annual taxable income = $10,200 ($425 x 24)
State withholding tax (annual) = $480 {$120 + ($10,200 - $5,000) x 5%}
State withholding tax per pay period = $20 ($480/24)
FICA withholding per pay period: $25.50 ($425 x 6.2%)
Medicare withholding per pay period: $6.16 ($425 x 1.45%)
Net Pay per pay period:
Gross Pay $500
Total deductions $75
Taxable income = $425
Federal Withholding = $46.75
State Withholding = $20
]FICA Withholding = $25.50
Medicare Withholding = $6.16
Net Pay per pay period = $326.59
Learn more about computing the net pay at https://brainly.com/question/15858747
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