Isabelle's hourly rate is $21.25. She worked 40 hours. Her deduction for federal income tax is based on a rate of 20%. FICA, and Virginia State and Federal Taxes are the only withholdings. Prior to this paycheck her YTD was $40,000. Virginia state tax rate is 5.75%. What is the amount of her net pay? Please round all numbers to two decimals.

Isabelle's hourly rate is $21.25. She worked 40 hours. Her deduction for federal income tax is based on a rate of 20%. FICA, and Virginia State and Federal Taxes are the only withholdings. Prior to this paycheck her YTD was $40,000. Virginia state tax rate is 5.75%. What is the amount of her net pay? Please round all numbers to two decimals.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 51P: Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys...

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Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.
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