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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
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
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