Answer to Question #111570 in Accounting for Everlyn

Question

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.(biweekly withholding allowance = $161.50)Tax table link below
https://cxp.cengage.com/contentservice/assets/T=1587480948747/btpa20t/images/chapter04/Exhibit_4-1.html

Answer 1

950-18 = 932

932-0 = 932

932-100-161.50 = 670,5

670.5-0 = 670,5

670.5-454=216.5

$216.5*0.1=21.65$

21.65+0=21.65

950-100-21.65 = 828.35