Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Berkley's gross pay for this month is $8,750. His gross pay year-to-date, prior to this month totaled $112,000. Berkley's rate for federal income tax is
Berkley's gross pay for this month is $8,750. His gross pay year-to-date, prior to this month totaled $112,000. Berkley's rate for federal income tax is 20%. His voluntary deductions total $950. What is Berkley's net pay? (Assume an OASDI rate of 6.2%, applicable on the first $117,000 earnings, and a Medicare rate of 1.45%, applicable on all earnings.)
$6,553.92 | ||
$6050.00 | ||
$7,000.00 | ||
$5,613.12 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started