Psb 3-2 Calculate Gross Pay & Taxable Pay For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income tax withholding, Social Security tax, and Medicare tax. NOTE: For simplicity, all calculations throughout this exercises both intermediate and final, should be rounded to two decimal places at each calculation 1: An employee works 43 hours (43.40 were overtime hours) during a workweek in December of 2019. He earns $42 hour, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $132,300 during the year. He has requested that his employer withhold 6.5% of gross pay, which is to be contributed to 403b) plan. Taxable income for federal income tax withholding = Taxable income for social security tax- Taxable income for medicare tax = $ 2 An employee works 35 regular hours during a workweek in August of 2019. He was hired four years ago, earns a salary of $134,700/year, and is exempt from the overtime provisions of the FLSA. To date, he has received no compensation beyond his annual salary. He has requested that his employer withhold 8.5% of gross pay. which is to be contributed to a 401(k) plan Taxable income for federal income tax withholdings Taxable income for social security tax- Taxable income for medicare tax = $ For each employee first calculate gross pay. Then determine taxable income used to calculate federal income tax withholding, Social Security tax, and Medicare tax NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation 1: An employee wes 43 hours (43 40 were overtime tours) during a workweek in December of 2019. He earns $42/hour, with his employer paying 1.5 times the regular rate of pay i overtime hours, to date, has earned $132,300 during the year. He has requested that his employer withhold 6.5% of gross pay, which is to be contributed to a 403b) plan. Taxable income for federal income tax withholding - $ Taxable income for social security tax $ Taxele income for medicare tax = $ 2: An employee works 35 regular hours during workweek in August of 2019. He was hired four years ago, earns a salary of $134,700/year, and is exempt from the overtime provisions of the FLSA. To date, ne has received no compensation beyond his annual salary. He has requested that his employer withhold 8.5% of gross pay, which is to be contributed to a 401(K) plan Taxable income for dem income tax withholding - $ Taxable incomforocial security tax = $ Taxable income for medicare tax = 5 Psb 3-2 Calculate Gross Pay & Taxable Pay For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income tax withholding, Social Security tax, and Medicare tax. NOTE: For simplicity, all calculations throughout this exercises both intermediate and final, should be rounded to two decimal places at each calculation 1: An employee works 43 hours (43.40 were overtime hours) during a workweek in December of 2019. He earns $42 hour, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $132,300 during the year. He has requested that his employer withhold 6.5% of gross pay, which is to be contributed to 403b) plan. Taxable income for federal income tax withholding = Taxable income for social security tax- Taxable income for medicare tax = $ 2 An employee works 35 regular hours during a workweek in August of 2019. He was hired four years ago, earns a salary of $134,700/year, and is exempt from the overtime provisions of the FLSA. To date, he has received no compensation beyond his annual salary. He has requested that his employer withhold 8.5% of gross pay. which is to be contributed to a 401(k) plan Taxable income for federal income tax withholdings Taxable income for social security tax- Taxable income for medicare tax = $ For each employee first calculate gross pay. Then determine taxable income used to calculate federal income tax withholding, Social Security tax, and Medicare tax NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation 1: An employee wes 43 hours (43 40 were overtime tours) during a workweek in December of 2019. He earns $42/hour, with his employer paying 1.5 times the regular rate of pay i overtime hours, to date, has earned $132,300 during the year. He has requested that his employer withhold 6.5% of gross pay, which is to be contributed to a 403b) plan. Taxable income for federal income tax withholding - $ Taxable income for social security tax $ Taxele income for medicare tax = $ 2: An employee works 35 regular hours during workweek in August of 2019. He was hired four years ago, earns a salary of $134,700/year, and is exempt from the overtime provisions of the FLSA. To date, ne has received no compensation beyond his annual salary. He has requested that his employer withhold 8.5% of gross pay, which is to be contributed to a 401(K) plan Taxable income for dem income tax withholding - $ Taxable incomforocial security tax = $ Taxable income for medicare tax = 5