BMX Company has one employee, FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. The amount of federal income tax withheld from the employee's gross earnings was $1,532.87. Compute the net pay for the month for the employee. For this first month of the year, the employee earned a total of $9,238.

Multiple Choice

$7,132.37

$6,942.42

$7,889.59

$6,564.42

$6,998.42