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At the end of the first pay period of the year, Glenn earned $6,400 of salary. Withholdings from Glenn's salary include Federal Insurance Contributions
At the end of the first pay period of the year, Glenn earned $6,400 of salary. Withholdings from Glenn's salary include Federal Insurance Contributions Act (FICA) Social Security taxes at the rate of 6.2%, Federal Insurance Contributions Act (FICA) Medicare taxes at the rate of 1.45%, $768 of federal income taxes, $245 of medical insurance deductions, and $17 of life insurance deductions. Compute Glenn's net pay for this first pay period. Multiple Choice $4,880.40 $5142.40 $6,400.00 $5.910.40 $5.632.00
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College Accounting A Contemporary Approach
Authors: David Haddock, John Price, Michael Farina
3rd edition
77639731, 978-0077639730
