Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Saved Help Save & Exit Submit An employee earns $5,550 per month working for an employer. The FICA tax rate for Social Security is 6,2%

image text in transcribed
Saved Help Save & Exit Submit An employee earns $5,550 per month working for an employer. The FICA tax rate for Social Security is 6,2% of the first $128.400 earned each calendar year and the FICA tax rate for Medicare is 145% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $184 in federal income taxes withheld. The employee has voluntary deductions for health insurance of 152 and contributes $76 to a retirement plan each month. What is the amount of net pay for the employee for the month of January? (Round your intermediate calculations to two decimal places.) Multiple Choice O 54,66902 $4,413.72 $4793.90

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

600 lb 20 0.5 ft 30 30 5 ft

Answered: 1 week ago