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6. 6. value: 3.33 points An employee earns $6,500 per month working for an employer. The FICA tax rate for Social Security is 6.2% and
6.
6. value: 3.33 points An employee earns $6,500 per month working for an employer. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The current FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $222 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $190 and contributes $95 to a retirement plan each month. What is the amount of net pay for the employee for the month of January? (Round your intermediate calculations to two decimal places.) O $5,443.75 O $5,590.00 O $5,495.75 O $5,092.75 O $5,144.75Step by Step Solution
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