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An employee earns $6,050 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 earned

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An employee earns $6,050 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, 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 $204 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $172 and contributes $86 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.) Multiple Choice $5,212.90 $4,798.47 $5,076.77 $5.125.17 $4.750.07 Prev Next > 10

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