Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Diane Lane earns a salary of $10,750 per month during the year. FICA taxes are 7.65% on the first $127,200 of gross earnings and
Diane Lane earns a salary of $10,750 per month during the year. FICA taxes are 7.65% on the first $127,200 of gross earnings and 1.45% in excess of $127,200. Federal unemployment insurance taxes are 6.2% of the first $7,000; however, a credit is allowed equal to the state unemployment insurance taxes of 5.4% on the $7,000. During the year, $32,300 was withheld for federal income taxes and $6,700 was withheld for state income taxes.
Step by Step Solution
★★★★★
3.45 Rating (155 Votes )
There are 3 Steps involved in it
Step: 1
To calculate Diane Lanes net pay after deductions for FICA taxes federal unemployment insurance taxe...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
Document Format ( 2 attachments)
6642db0534e58_973590.pdf
180 KBs PDF File
6642db0534e58_973590.docx
120 KBs Word File
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started