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Olson Inc. has five employees who each earn $3000 for the pay period. Olson must withhold $1,750 in federal income taxes from the employees.
Olson Inc. has five employees who each earn $3000 for the pay period. Olson must withhold $1,750 in federal income taxes from the employees. Olson must pay state unemployment taxes of $60. Assume the entire payroll is eligible for Social Security and Medicare at standard rates. Social Security rate is 6.2%. Medicare rate is 1.45%. Round calculations to the nearest dollar. What is the amount of net pay that will be paid to the employees (in total)? $15,000 $12,180.96 $13,190 $12,102.50
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