An employee earns $5,750 per month working for an employer. The FICA tax rate 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. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $192 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $160 and contributes $80 to a retirement plan each month. What is the amount of net pay for the employee for the month of January? (Round your intermediate calculations to two decimal places.)
(A) $4,832.12
(B) $4,878.12
(C) $4,567.62
(D) $4,961.50
(E) $4,521.62
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “An employee earns $5,750 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 earned each ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
For a present sum of $640,000, determine the annual worth (in then-current dollars) in years 1 through 4 if the market interest rate is 13% per year and the inflation rate is 5% per year.
Answers (1)
Prepare separate entries for each transaction for Cullumber Company. The merchandise purchased by Pharoah Company on June 10 cost Cullumber Company $3,770, and the goods returned cost Cullumber Company $230.
Answers (1)
Jana decides to convey her consent by saying, "yes," and nodding. what process has jana demonstrated?
Answers (1)
How can you end a interview on a positive note
Answers (1)
What does this mean to you: He who is afraid of asking is ashamed of learning.
Answers (1)
New Questions in Business
Which education level has the highest return on investment (ROI) ? A) High School Diploma B) Bachelor's Degree (4 years of college) C) Senior in High School D) ROI is equal for all of the above.
Answers (1)
In 2019, Meghann Carlson, a single taxpayer, has QBI of $129,100 and modified taxable income of $103,280 (this is also her taxable income before the QBI deduction). Given this information, what is Meghann's QBI deduction
Answers (1)
Which of these is not a factor you need to consider when choosing a bank? a. The number of ATM machines b. Branch locations c. How often you need access to your money d. The amount of money you paid in income taxes last year
Answers (1)
A margin of safety of 30% means that every dollar in revenue generated thirty cents in profit. A. True B. False
Answers (1)
Which of the following groups has the responsibility for identifying and deciding the appropriate accounting treatment for recording or disclosing contingent liabilities? A) Auditors B) Legal counsel C) Management D) Management and the auditors
Answers (1)