An employee earned $4,600 in February working for an employer. The FICA tax rate for Social Security
Fantastic news! We've Found the answer you've been seeking!
Question:
An employee earned $4,600 in February 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 employee has $644 in federal income taxes withheld and has voluntary deductions for health insurance of $50 and contributes 10% of gross pay to a retirement plan each month. The employer pays the $200 remainder of the health insurance premium and an equal amount of contribution to the retirement fund. What is the amount of net pay for the employee for the month of February?
a. $3,094.10
b. $3,496.00
c. $3,604.10
d. $3,446.00
e. $2,634.10
Related Book For
Financial Algebra advanced algebra with financial applications
ISBN: 978-0538449670
1st edition
Authors: Robert K. Gerver
Posted Date: