Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he earned a total of $4,538. The

Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he earned a total of $4,538. The FICA tax for social security is 6.2% of the first $128,400 earned each calendar year, and the FICA tax rate for Medicare is 1.45% of all earnings for both the employee and the employer. The amount of federal income tax withheld from his earnings was $680.70. His net pay for the month is:

A) $3,857.30

B) $3,510.14

C) $4,538.00

D) $3,162.98

E) $4,190.84


Step by Step Solution

3.31 Rating (160 Votes )

There are 3 Steps involved in it

Step: 1

Correct Answer is B 351014 working for your reference Computation of Net Pay Particular A... 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

Intermediate Accounting

Authors: James D. Stice, Earl K. Stice, Fred Skousen

17th Edition

032459237X, 978-0324592375

More Books

Students also viewed these Accounting questions

Question

Describe the factors influencing of performance appraisal.

Answered: 1 week ago

Question

What is a line of credit?

Answered: 1 week ago