1. Ken Jenkins earns $75,000 per year. What is his take-home pay for the month ending January...
Question:
1.Ken Jenkins earns $75,000 per year. What is his take-home pay for the month ending January 31, if the FICA tax rates are: 6.2% for OASDI and 1.45% for Medicare; federal income tax is 20%; and union dues are $400 per month? (Round any intermediate calculations to two decimal places and your final answer to the nearest whole dollar.)
2. Barbara's cumulative earnings before this pay period were $7,600 and her gross wages for the week are $800. Assuming the wage base limit is $7,000, how much of this week's pay is taxable for FUTA and SUTA?
3. Bill James earned $800 per week. If your accrued earnings are $40,000 before this pay period, how much FICA−OASDI must your employer withhold from your earnings? FICA tax rates are OASDI 6.2% capped at $128,400. (Round your answer to the nearest whole dollar.)