An employee works 47 hours (47-40 overtime hours) during a workweek in October of 2020. the employee earns $46/hour, with his employer paying 1.5 times times regular rate of pay for overtime hours. to date, he has earned $140,550 during the present year. he has requested that his employer withhold 7% of gross pay which is to be contributed to a 401(k) plan. Taxable income for federal income tax withholding=taxable income for social security tax=taxable income for Medicare tax=​

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Question:

An employee works 47 hours (47-40 overtime hours) during a workweek in October of 2020. the employee earns $46/hour, with his employer paying 1.5 times times regular rate of pay for overtime hours. to date, he has earned $140,550 during the present year. he has requested that his employer withhold 7% of gross pay which is to be contributed to a 401(k) plan.
Taxable income for federal income tax withholding=
taxable income for social security tax=
taxable income for Medicare tax=​

Answers

Taxable income for federal income tax withholding is $2,160.39Taxable income for social security tax is $2,323Taxable income for Medicare tax is $2,323a. Calculate to determine the Taxable income for federal income tax withholdingFirst step is to determine the Gross payGross pay:Normal 40 hrs ×$46/hour =$1,840              Overtime (47 hours-40 hours)×$46/hour ×1.5=$483      Total pay=$2,323Now let determine the Taxable income for federal income tax withholdingTaxable income for federal income tax withholding=$2,323-(7%×$2,323)Taxable income for federal income tax withholding=$2,323-$162.61Taxable income for federal income tax withholding=$2,160.39b. Calculation to determine the taxable income for social security taxTaxable income for social security tax= (40 hrs ×$46/hour)+ [(47 hours-40 hours)×$46/hour ×1.5]Taxable income for social security tax= (40 hrs ×$46/hour)+ (7 hours×$46/hour ×1.5)Taxable income for social security tax=$1,840+$483        Taxable income for social security tax=$2,323 c. Calculation to determine the taxable income for Medicare taxTaxable income for Medicare tax= (40 hrs ×$46/hour)+ [(47 hours-40 hours)×$46/hour ×1.5]Taxable income for Medicare tax=(40 hrs ×$46/hour)+ (7 hours×$46/hour ×1.5)Taxable income for Medicare tax=$1,840 +$483       Taxable income for Medicare tax=$2,323Inconclusion:Taxable income for federal income tax withholding is $2,160.39Taxable income for social security tax is $2,323Taxable income for Medicare tax is $2,323Learn more here:https://brainly.com/question/21052102

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