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Marbury is the payroll accountant at All's Fair Gifts. The employees of All's Fair Gifts are paid
semimonthly. Sten comes to Marbury on April 7 and requests a pay advance of $1,000, which
Sten will pay back in equal parts on the April 15 and May 15 paychecks. 5 ten is single, with one
dependent under 17 , is pald $60,400 per year, contributes 3 percent of gross pay to a 401(k), and
has $138 per paycheck deducted for a Section 125 plan. Required: Compute the net pay on Sten's
April 15 paycheck. The applicable state income tax rate is 5.25 percent. Use the wage-bracket
method for manual payroll systems with Forms W-4 from 2020 or later in Anpendix C to
determine the federal income tax. Assume box 2 is not checked. Note: Round your intermediate
calculations and final answer to 2 decimal places.

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Marbury is the payroll accountant at Alls Fair Gifts. The employees .pdf

  • 1. Marbury is the payroll accountant at All's Fair Gifts. The employees of All's Fair Gifts are paid semimonthly. Sten comes to Marbury on April 7 and requests a pay advance of $1,000, which Sten will pay back in equal parts on the April 15 and May 15 paychecks. 5 ten is single, with one dependent under 17 , is pald $60,400 per year, contributes 3 percent of gross pay to a 401(k), and has $138 per paycheck deducted for a Section 125 plan. Required: Compute the net pay on Sten's April 15 paycheck. The applicable state income tax rate is 5.25 percent. Use the wage-bracket method for manual payroll systems with Forms W-4 from 2020 or later in Anpendix C to determine the federal income tax. Assume box 2 is not checked. Note: Round your intermediate calculations and final answer to 2 decimal places.