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Use the following tax rates for the multiple choice questions: Social security tax 6.0% Medicare tax 1.5% Federal unemployment compensation tax 0.8% State unemployment compensation
Use the following tax rates for the multiple choice questions:
Social security tax 6.0%
Medicare tax 1.5%
Federal unemployment compensation tax 0.8%
State unemployment compensation tax 5.4%
Also assume that:
Employee Jon's gross weekly earnings = $10,000. Federal Income tax withheld = $1,000.
1. What is Jon's net pay?
a. 10,000
b. 8630
c. 8250
d. 7630
please show your work, thank you
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