Answer the next questions based upon this information: You have a client whose annual salary is $50,000. Federal, State, and Local taxes are 10% of Adjusted Gross Income (AGI)

1. How much is the clients gross paycheck when paid: a. Bi-weekly b. Semi-monthly (twice per month) c. Weekly

2. What is your clients net paycheck (assume no pre-tax adjustments or after-tax payroll deductions). a. Bi-weekly b. Semi-monthly c. Weekly

3. What would be your clients semi-monthly net paycheck if the decision was made to make the following pre-tax adjustments: a. $100/month into a 401(k) b. 3% of gross pay into a 401(k)

4. Your client had an option between two separate disability insurance (DI) contracts. One was $40/month offered as a pre-tax adjustment. The other was $40/month offered as an after-tax payroll deduction. If your client was paid semi-monthly, what is your clients net paycheck for both options? a. Net pay for DI contract offered pre-tax: b. Net pay for DI contract offered post-tax:

5. Your client had the following adjustments and deductions: Pre-tax 401(k) of 3% of gross pay Pre-tax Health Insurance of $75/pay Post-tax deduction of $40/month for parking Post-tax deduction of $6/pay for a User Fee of working in city limits. If your client is paid bi-monthly, calculate the following for the paycheck: a. Gross Income b. Adjusted Gross Income c. Total Taxes (including FICA taxes) d. Net Pay