Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sean's gross pay for this month is $8750. His gross year-to-date pay, prior to this month, totaled $112,000. Sean's rate for federal income tax is

image text in transcribed

Sean's gross pay for this month is $8750. His gross year-to-date pay, prior to this month, totaled $112,000. Sean's rate for federal income tax is 25%. His voluntary deductions total $950. What is Sean's net pay? (Assume an Social Security rate of 6.2%, applicable on the first $118,500 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.) O a. $5,612.50 O b. $6,032.62 O c. $6,562.50 O d. $5,113.62

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

Introductory Financial Accounting For Business

Authors: Thomas Edmonds, Christopher Edmonds, Mark Edmonds, Jennifer Edmonds, Philip Olds

2nd Edition

1260575306, 978-1260575309

More Books

Students also viewed these Accounting questions

Question

The quality of the argumentation

Answered: 1 week ago