Julie Whiteweiler made $930 this week. Only social security (fully taxable) and federal income taxes attach to her pay. Whiteweiler contributes $100 each week to her company's 401(k) plan and has $25 put into her health savings account (nonqualified) each week. Her employer matches this $25 each week. Determine Whiteweiler's take-home pay if she is single and claims 2 allowances (use the wage-bracket method). Round your answers to the nearest cent.

Click here to access the Wage-Bracket Method Tables.
Gross pay $
HSA contributions
401(k) deductions
OASDI tax
HI tax
FIT
Net pay $

Answer is based on 2012 tax tables and rates. Use 2014 or 2013 tax tables and rates to get your answer.

Late reply, but better than nothing. The answer is $663.45 for take-home pay.

How:
Step 1: Calculate FICA (OASDI & HI):
Total wage subjected to FICA is $930. Why? Contributions to 401K is only exempted from Fed. Income Tax Withholding (FIT) not FICA. As for HSA contrib., it is exempted for both FICA and FIT. However, the plan is non-qualified, which means that $25 contributed by employee is taxable for both. The $25 matching from employer for HSA is excluded from income and income taxes.
OASDI RATE 2012: 4.2% of $930; therefore, $39.06
HI RATE 2012: 1.45% of $930; therefore, $13.49
TOTAL FICA TAX: $52.55

STEP 2: Calculate FIT:
Total earnings subjected to FIT is ($930-100)= $830. Why? $100 contributions to 401k is exempted from FIT. HSA contrib. is unqualified.; therefore, contributions from employee is taxable. Using Wage Bracket Method 2012, the FIT is $89.

STEP 3: Getting the Take-Home Pay answer:
($930-100(401k))-25(HSA:Employee)-$52.55(FICA)-89(FIT)=$663.45

For the old or latest Wage Bracket Tables and Percentage Tables, please go to Publication 15 (YEAR). Input the year for the correct Pub. 15.

To determine Julie Whiteweiler's take-home pay, we need to calculate the various deductions from her gross pay.

First, let's calculate the HSA contributions:
HSA contributions = $25/week
HSA contributions per month = $25/week * 4 weeks = $100/month

Next, let's calculate the 401(k) deductions:
401(k) deductions = $100/week
401(k) deductions per month = $100/week * 4 weeks = $400/month

Now, let's calculate the OASDI tax:
OASDI tax rate = 6.2%
OASDI tax = Gross pay * OASDI tax rate

Let's calculate the HI tax:
HI tax rate = 1.45%
HI tax = Gross pay * HI tax rate

Lastly, let's calculate the FIT using the wage-bracket method.

Steps to calculate FIT using the wage-bracket method:
1. Determine the gross pay range and corresponding tax withholding for the appropriate wage bracket based on the IRS tables.
2. Subtract the number of allowances from the withholding amount to get the actual federal income tax withholding.

Now, let's calculate the net pay:
Net pay = Gross pay - HSA contributions - 401(k) deductions - OASDI tax - HI tax - FIT

Please provide Julie Whiteweiler's gross pay for this week to proceed with the calculations.

To determine Julie Whiteweiler's take-home pay, we need to calculate the various deductions from her gross pay and then subtract them from her gross pay.

1. Gross pay: $930

2. HSA contributions: Julie has $25 put into her health savings account each week. Since this is a nonqualified account, it is not subject to any tax deductions. Therefore, there is no impact on her take-home pay.

3. 401(k) deductions: Julie contributes $100 each week to her company's 401(k) plan. Again, this is a pre-tax contribution, so it will reduce her taxable income. However, it does not impact her take-home pay directly. To calculate the take-home pay, we need to subtract all the taxes first and then deduct the 401(k) contribution.

4. OASDI tax: According to the current tax rates, the Social Security tax rate is 6.2% of the gross pay up to a limit of $142,800 in 2021. Since Julie's gross pay is $930 for the week, the OASDI tax will be $930 * 6.2% = $57.66.

5. HI (Medicare) tax: The Medicare tax rate is 1.45% of the gross pay with no income limit. Therefore, the HI tax for this week's gross pay will be $930 * 1.45% = $13.49.

6. FIT (Federal Income Tax): To calculate the federal income tax, we need to use the wage-bracket method tables. These tables take into account the taxpayer's marital status and allowances claimed to determine the appropriate tax bracket. Based on the given information that Julie is single and claims 2 allowances, we can refer to the wage-bracket method tables to find the exact amount of federal income tax. Unfortunately, I am unable to directly access external websites or tables. However, you can find the wage-bracket method tables online by searching for "IRS wage-bracket method tables." Simply enter the applicable information to determine the exact amount of federal income tax.

7. Net pay: To calculate the net pay (take-home pay), we subtract the OASDI tax, HI tax, and FIT from the gross pay, and then deduct the 401(k) contribution. The formula is as follows:

Net pay = Gross pay - OASDI tax - HI tax - FIT - 401(k) contribution

Please note that the calculation for the FIT will be based on the specific tax bracket determined from the wage-bracket method tables.

By following these steps and using the appropriate tax rates from the wage-bracket method tables, you will be able to calculate Julie Whiteweiler's take-home pay.