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ABZ Inc. has 5 employees with monthly salaries as follows: $3,000, $3,500, $4,000, $2,500, $3,200. The federal income tax rate is 15%, Social Security tax
ABZ Inc. has 5 employees with monthly salaries as follows: $3,000, $3,500, $4,000, $2,500, $3,200. The federal income tax rate is 15%, Social Security tax rate is 6.2%, and Medicare tax rate is 1.45%.
Tasks:
- Calculate the gross pay for each employee.
- Calculate the federal income tax withheld for each employee.
- Calculate Social Security and Medicare taxes for each employee.
- Determine the net pay for each employee.
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