Question
Kenneth Inverness's weekly gross earnings for the week ending December 18 were $3,440, and his federal income tax withholding was $653.6. Prior to this week,
Kenneth Inverness's weekly gross earnings for the week ending December 18 were $3,440, and his federal income tax withholding was $653.6. Prior to this week, Inverness had earned $98,000 for the year. Assuming the social security rate is 6% on the first $100,000 of annual earnings and Medicare is 1.5% of all earnings, what is Inverness's net pay?
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Accounting
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
23rd Edition
978-0324662962
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