Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Post Malone earns $6,150 per month working for an employer. The Federal Insurance Contributions Act (FICA) tax rate for Social Security is 6.2% of
Post Malone earns $6,150 per month working for an employer. The Federal Insurance Contributions Act (FICA) tax rate for Social Security is 6.2% of the first $137,700 earned each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $208 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $176 and contributes $88 to a retirement plan each month. What is the amount of net pay for Post Malone, the employee for the month of January? (Round your intermediate calculations to two decimal places.) Multiple Choice $5.207.52 55.15832 $4.875.42 $5,296.70 $4.826.22
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