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During 2016, Ed Bailey earned a monthly salary of $25,000. Ed's income tax rate was 35%. FICA tax was levied at a 6.2% rate (Social
During 2016, Ed Bailey earned a monthly salary of $25,000. Ed's income tax rate was 35%. FICA tax was levied at a 6.2% rate (Social Security) on the first $137,700 of annual earnings and a 1.45% rate (Medicare) was applied to all annual earnings. The combined FUTA/SUTA tax rate was 6.0% on the first $7,000 of annual earnings. Ed was employed as of January 1st, 2016. For June 2016, what was Ed's net pay and what was his employer's payroll tax obligation
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