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5 parts to this one question, please help Sierra Sports employs several people, but we will look at one specific employee for this example. Billie
5 parts to this one question, please help
Sierra Sports employs several people, but we will look at one specific employee for this example. Billie Sanders works for Sierra Sports and earns a salary each month of $8,000. - Withholdings for federal taxes equal $800 - Withholdings of state income taxes equal $300. - FICA Social Security is taxed at the 6.2% rate - FICA Medicare is taxed at the 1.45% rate. - Sierra Sports receives the FUTA credit and is only taxed at the rate of 0.6% (as a decimal this is .006) - SUTA taxes are $100 - Billie has voluntary deductions for health insurance and a 401(k) retirement contribution. - She is responsible for 40% of her $1.200 health-care insurance premium: - Sierra Sports pays the remaining 60% of the health insurance premiumlas explained in employer payrolli. - Billie's 401(k) contributions total \$1.000. Using the information above. calculate the following: 1) Billie's gross pay 2) Billie's net pay 3) Billies portion of health insurance 4) Employer's payroll tax expense 5) Employer's portion of health insurance Step by Step Solution
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