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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:

  1. Calculate the gross pay for each employee.
  2. Calculate the federal income tax withheld for each employee.
  3. Calculate Social Security and Medicare taxes for each employee.
  4. Determine the net pay for each employee.


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