An employee earns $6,300 per month working for an employer. The FICA tax rate for Social Security is 6.2% and the FICA tax rate

Question

Natasha2012 [34]

3 years ago

9

An employee earns $6,300 per month working for an employer. The FICA tax rate for Social Security is 6.2% and the FICA tax rate

for Medicare is 1.45%. The current FUTA tax rate is 0.8%, 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 $214 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $182 and contributes $91 to a retirement plan each month. What is the amount of net pay for the employee for the month of January?

Business

1 answer:

Arte-miy333 [17] · Answer 1 · 2022-06-01T10:29:59+03:00

Answer:

An employee earns $6,250 per month working for an employer. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The current FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay.

Explanation: