In January, gross earnings in Burrell Company were $80,000. The 7.65% FICA tax rate consists of the
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In January, gross earnings in Burrell Company were $80,000. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. Federal income tax withheld was $14,000, and state income tax withheld was $1,600. Calculate net pay for January.
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Net pay 80000 765 ...View the full answer
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Related Book For 
College Accounting
ISBN: 1986
1st Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Deanna C. Martin, Jill E. Mitchell
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