At the end of the first pay period of the year, Sofia earned $5,000 of salary....
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At the end of the first pay period of the year, Sofia earned $5,000 of salary. Withholdings from Sofia's salary include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $520 of federal income taxes, $180 of medical insurance deductions, and $30 of life insurance deductions. Compute Sofia's net pay for this first pay period. (Round your intermediate and final answers to 2 decimal places.) Gross pay FICA Social Security FICA Medicare Federal income taxes Medical insurance deduction Life insurance deduction Total deductions Net pay At the end of the first pay period of the year, Sofia earned $5,000 of salary. Withholdings from Sofia's salary include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $520 of federal income taxes, $180 of medical insurance deductions, and $30 of life insurance deductions. Compute Sofia's net pay for this first pay period. (Round your intermediate and final answers to 2 decimal places.) Gross pay FICA Social Security FICA Medicare Federal income taxes Medical insurance deduction Life insurance deduction Total deductions Net pay
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Financial Accounting Information For Decisions
ISBN: 9781260705584
10th Edition
Authors: John J. Wild
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