ToshaCollins_Unit 5 Assignment

ToshaCollins_Unit 5 Assignment - Unit5:Payroll Unit 5...

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Unit 5: Payroll Unit 5: Payroll Max points Points earned Challenge Problem: page 262 20 points Case Study: page 263: Welcome Care 20 points Late Penalty (if applies) ( ) Total Points 40 points Comments: REMEMBER: I ALWAYS HAVE OFFICE HOURS FOR EXTRA ASSISTANCE IF NEEDED. We start out with our gross income, deduct tax deferred payment and that leaves us with our  adjusted gross income. From that we calculate our tax liability and deduct the taxes, and then  we are left with our net income or take home pay.  Adjusted gross income is the number the employer uses to calculate the federal withholding tax,  social security and Medicare. What you bring home is the remainder after deducting these taxes  and any other miscellaneous items from the adjusted gross income.
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Gross income = total earnings for the period less: Pretax deductions, i.e. 401(k) equals: Adjusted Gross Income less: Fed withholding, social security, medicare
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This note was uploaded on 06/10/2010 for the course BU 250 BU250 taught by Professor Prof during the Fall '10 term at Kaplan University.

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ToshaCollins_Unit 5 Assignment - Unit5:Payroll Unit 5...

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