Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sean's gross pay for this month is $9,050. His gross year-to-date pay, prior to this month, totaled $128,000. Sean's rate for federal income tax is

Sean's gross pay for this month is $9,050. His gross year-to-date pay, prior to this month, totaled $128,000. Sean's rate for federal income tax is 20%. His voluntary deductions total $1,000. What is Sean's net pay? (Assume an OASDI rate of 6.2%, applicable on the first $132,900 earnings, and a Medicare rate of 1.45%, applicable on all earnings. Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.). OA. $5,804.97 B. $6,240.00 OC. $6,804.97 OD. $7.240.00

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

Students also viewed these Accounting questions