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Phil Phoenix is paid monthly. For the month of January of the current year, he earned a total of $8,000. The FICA tax rate for
Phil Phoenix is paid monthly. For the month of January of the current year, he earned a total of $8,000. The FICA tax rate for social security is 6.2%, and the FICA tax rate for Medicare is 1.45%. The FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $8,000 of an employee's pay. The amount of federal income tax withheld from his earnings was $1,000. His net pay for the month is ________.
a | $6,388.00 |
b | $5,776.00 |
c | $7,388.00 |
d | $6,566.00 |
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