Question: A company's payroll records report $ 3 , 9 6 0 of gross pay and $ 5 8 4 of federal income tax withholding for

A company's payroll records report $3,960 of gross pay and $584 of federal income tax withholding for an employee for the weekly pay period.
Compute this employee's FICA Social Security tax (6.2%), FICA Medicare tax (1.45%), state income tax (1.0%), and net pay for the current pay period.
Note: Round your final answers to 2 decimal places.
\table[[Gross pay,,],[FICA Social Security tax deduction,,],[FICA Medicare tax deduction,,],[Federal income tax deduction,,],[State income tax deduction,,],[Total deductions,,],[Net pay,,]]
 A company's payroll records report $3,960 of gross pay and $584

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!