Business, 21.04.2020 17:27 emmaea831

1. Mary Matthews made $950 during a biweekly pay period only social security (fully taxable) and federal income taxes attach to her pay. Matthews contributes $100 each biweekly pay to her company's 401k. Determine Matthews take home pay if she is married and claims 2 allowances. (Use Wage Bracket Method) Round your answer to two decimal place. Table of Allowance Values for 2019 for biweekly is $161.50
Tax table link https://cxp. cengage. com/contentservice/assets/T=1586638 861777/btpa20t/images/chapter04/Exh ibit_4-1.html

2.Carson Smart is paid $1,200 every two weeks plus a taxable lodging allowance of $100. He is a participant in the company 401(k) plan and has $150 deducted from his pay for his contribution to the plan. He is married with two allowances. How much would be deducted from his pay for federal income tax (using the wage-bracket table)? Table of Allowance Values for 2019 for biweekly is $161.50
Tax table link https://cxp. cengage. com/contentservice/assets/T=1586638 861777/btpa20t/images/chapter04/Exh ibit_4-1.html

3.Which of the following statements is false regarding an employee's contribution into a 401(k) tax deferred retirement account?
a. Upon retirement, payments are then subject to federal income tax.
b. Upon retirement, the employee will receive their contributions back in the form of regular payments.
c. The employee's contributions are not subject to FICA tax.
d. None of these statements are correct.

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1. Mary Matthews made $950 during a biweekly pay period only social security (fully taxable) and fed...

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