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

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

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 = $ 

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 = $