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Assume a FICA for Social Security rate of 6.2%, a FICA for Medicare rate of 1.45%, a federal income tax withholding rate of 20%, a
Assume a FICA for Social Security rate of 6.2%, a FICA for Medicare rate of 1.45%, a federal income tax withholding rate of 20%, a state income tax withholding rate of 7%, a federal unemployment rate of 0.6%, and a state unemployment rate of 3%. Also assume the wage limit for social security is $142,800 and the wage limit for both FUTA and SUTA is $7,000. Ren is paid monthly and earns $14,000 per month. How much will Rens net pay be for the month of November assuming the only deductions are required taxes?
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