Answered step by step
Verified Expert Solution
Question
1 Approved Answer
GT Inc. hires Sophia for a monthly salary of $8,838. The following information is related to GT and its employees. The FICA tax rate
GT Inc. hires Sophia for a monthly salary of $8,838. The following information is related to GT and its employees. The FICA tax rate for social security is 6.2% and the FICA tax rate for Medicare is 1.45% of all GT's employee earnings each calendar year. The FUTA tax rate of 0.6% and the SUTA tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The federal income tax rate for employees with a monthly salary below $10,000 is about 16%. Thus, the amount withheld from Sophia's earnings was $1,414.08 each month. What is Sophia's Net Pay each month after GT Inc. withholds all the related tax liabilities for her? (Round your intermediate calculations to two decimal places.) $6,217.53 $6.747.81 $8,838 $6,327.81 DER
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