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The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay. You do not need to complete the number of hours. Required: Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.40 percent of taxable pay. No employee has exceeded the maximum FICA limit. Note: Round your intermediate calculations and final answers to 2 decimal places. Employee Filing Status, Dependents Pay Union Dues per Period Garnishment per Period Net Pay S. Bergstrom MJ-0 $ 1,780 $ 50 C. Pare MJ-2 (<17) $ 3,660 $ 120 L. Van der Hooven S-1 (Other) $ 3,385 $ 240 $ 75 S. Lightfoot MJ-0 $ 3,010 $ 100

The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay. You do not need to complete the number of hours. Required: Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.40 percent of taxable pay. No employee has exceeded the maximum FICA limit. Note: Round your intermediate calculations and final answers to 2 decimal places. Employee Filing Status, Dependents Pay Union Dues per Period Garnishment per Period Net Pay S. Bergstrom MJ-0 $ 1,780 $ 50 C. Pare MJ-2 (<17) $ 3,660 $ 120 L. Van der Hooven S-1 (Other) $ 3,385 $ 240 $ 75 S. Lightfoot MJ-0 $ 3,010 $ 100

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay. You do not need to complete the number of hours. Required: Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.40 percent of taxable pay. No employee has exceeded the maximum FICA limit. Note: Round your intermediate calculations and final answers to 2 decimal places. Employee Filing Status, Dependents Pay Union Dues per Period Garnishment per Period Net Pay S. Bergstrom MJ-0 $ 1,780 $ 50 C. Pare MJ-2 (<17) $ 3,660 $ 120 L. Van der Hooven S-1 (Other) $ 3,385 $ 240 $ 75 S. Lightfoot MJ-0 $ 3,010 $ 100
Transcribed Image Text:The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay. You do not need to complete the number of hours. Required: Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.40 percent of taxable pay. No employee has exceeded the maximum FICA limit. Note: Round your intermediate calculations and final answers to 2 decimal places. Employee Filing Status, Dependents Pay Union Dues per Period Garnishment per Period Net Pay S. Bergstrom MJ-0 $ 1,780 $ 50 C. Pare MJ-2 (<17) $ 3,660 $ 120 L. Van der Hooven S-1 (Other) $ 3,385 $ 240 $ 75 S. Lightfoot MJ-0 $ 3,010 $ 100
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