Answered step by step
Verified Expert Solution
Link Copied!

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Fundamentals For Health Care Management

Authors: Steven A. Finkler, David M. Ward, Thad Calabrese

3rd Edition

1284124932, 9781284124934

More Books

Students also viewed these Accounting questions

Question

OUTCOME 3 Outline the methods by which firms recruit externally.

Answered: 1 week ago

Question

OUTCOME 2 Outline the methods by which firms recruit internally.

Answered: 1 week ago