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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. (Use Wage Bracket Method) Round your answer to two decimal place.

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Answer:

The correct answer to the following question will be "$831".

Explanation:

  • Mary Matthews is a married woman, however, her gross salary is $950 per two weeks, as well as the compensation amount, is 2. The year 2018 married bi-weekly wage category table would be used to determine the sum to be withheld underneath the framework of wage class.
  • The applicable limit for $950 throughout the list is between $945 or $965 as well as $19 seems to be the amount of funding tax must keep for 2 allowances.

So that the compensation would be:

The sum is taken by her to their residence = Gross Salary - Income Tax deferred - Contribution towards 401k

= $950 - $19 - $100

= $831

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