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An employee earned $6,200 in February working for an employer. The Federal Insurance Contributions Act (FICA) tax rate for Social Security is 6.2% of
An employee earned $6,200 in February working for an employer. The Federal Insurance Contributions Act (FICA) tax rate for Social Security is 6.2% of the first $137,700 earned during each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The employee has $804 in federal income taxes withheld and has voluntary deductions for health insurance of $50 and contributes $620 to a retirement plan each month. The employer pays the $220 remainder of the health insurance premium and an equal amount of contribution to the retirement fund. What is the amount of net pay for the employee for the month of February?
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