# Business Finance Assignment | Custom Assignment Help

For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income tax withholding, Social Security tax, and Medicare tax.

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NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.

1: An employee works 45 hours (45 – 40 were overtime hours) during a workweek in October of 2017. The employee earns \$45/hour, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned \$130,050 during the present year. He has requested that his employer withhold 8% of gross pay, which is to be contributed to a 401(k) plan.

Taxable income for federal income tax withholding = \$

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Taxable income for social security tax = \$

Taxable income for medicare tax = \$

2: An employee works 35 regular hours during a workweek in September of 2017. The employee was hired twelve years ago, earns a salary of \$122,500/year and is exempt from the overtime provisions of the FLSA. To date, he has received no compensation beyond his annual salary. He has requested that his employer withhold 10% of gross pay, which is to be contributed to a 403(b) plan.

Taxable income for federal income tax withholding = \$

Taxable income for social security tax = \$

Taxable income for medicare tax = \$

3: An employee works 53 hours (53 – 40 were overtime hours) during a workweek in November of 2017. The employee earns \$10,100/month, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned \$124,740 during the year. He has requested that his employer withhold 12% of gross pay, which is to be contributed to a 401(k) plan.

Taxable income for federal income tax withholding = \$

Taxable income for social security tax = \$

Taxable income for medicare tax = \$

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