VB-Homework 3 Solution

The assignment content discusses the calculation of taxes for three employees: Jacob Butler, Bob Jones, and Susan Green. The taxes include Michigan State income tax, Social Security benefits tax, Medicare tax, and Federal Withholding tax. The calculations involve gross pay, allowances, and various percentages to determine net pay. The summary does not provide any specific insights or findings.

Jacob Butler
10/2/2017
VB-Homework 3
Bob Jones.
 Gross pay 38 hours x $14 = 532
 Michigan State income Tax. 4.25%. 532 x .0425 = 22.61
(FICA) Calculated Separately
1. Social Security Benefits Tax. YTD 126,800 + 532 = 127,332. $400 x .062 = 24.80
2. Medicare Tax. 1.45% of gross. $200,000 + an additional .9% for the access is taken in.
Medicare Tax. 532 x .0145 = 7.714
 Federal Withholding Tax. $67.31 x 2 allowances = 134.62 AWI, 532(gross) – 134.62(AWI) =
397.38 – 166= 231.38 * .10 = 23.138 + 0 = 23.138 Total Tax
 Net pay. Gross 532 – 22.61 -24.80 -7.714 -23.138 = 453.74 Net Pay rounded up
Mary Smith
 Gross pay 40 hours x 8.90 = 356
 Michigan State income Tax. 4.25%. 356 x .0425 = 15.13
(FICA) Calculated Separately
1. Social Security Benefits Tax. YTD 69,800 + $356=70,156 : 127,200-70156(YTD)=57,044
x .062 = 3536.728 356 *.062= 22.072
2. Medicare Tax. 1.45% of gross. $200,000 + an additional .9% for the access is taken in
Medicare Tax. 356 x .0145 = 5.162
 Federal Withholding Tax. $67.31 x 1 allowances = 67.31 AWI,356 (gross) – 67.31 (AWI) = 288.69 -
224 = 64.69 x .15 =9.7035 + 18 dollars= 27.7035 Total tax is 27.7035
 Net pay. Gross 356 -15.13 -22.072 -5.162 -27.7035 = 285.93 Net Pay rounded up
Susan Green
 Gross pay 40 hours x 27.55 = 1102. O/T 3.5 x 41.325 = 144.6375 = Total 1246.6375
 Michigan State income Tax. 4.25%. 1246.6375 x .0425 = 52.9820
(FICA) Calculated Separately
1. 1. Social Security Benefits Tax. YTD 201,560 Over $127200 gross (0) tax for social
security tax. Total tax is 0.
2. Medicare Tax. 1.45% + 1246.6375 = 8.0762, $200,000 – 201560 = 1560 * .009 = 14.04 +
18.07624375 =32.11624375 Medicare Tax
 Federal Withholding Tax. $67.31 x 3 allowances = 201.93 AWI, 1246.6375(gross) – 201.93(AWI) =
1044.7075 – 166 = 878.7075 x .15 = 87.87075 + 0.00 =87.87075 Total tax is 87.87075
 Net pay. Gross 1246.6375 -52.9820 -32.11624375 -87.870752 = 1073.67 Net Pay Rounded Up