Question

An employee earns $6,100 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $206 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $174 and contributes $87 to a retirement plan each month. What is the amount of net pay for the employee for the month of January? (Round your intermediate calculations to two decimal places.)

Answer #1

Net pay for the monht of January is
**$5,166,.35**

Working:

Gross Pay | FICA - Social Security | FICA - Medicare | Federal Income Tax | Health insurance | Retirement plan | Total Witholdings | Net pay |

(A) | (B) | (C) | (D) | (E) | (F) | (G) | (H) |

(6.2% of A) | (1.45% of A) | (B+C+D+E+F) | (A- G) | ||||

$6,100.00 | $378.20 | $88.45 | $206.00 | $174.00 | $87.00 | $933.65 | $5,166.35 |

Payroll taxes | |||||

Gross Pay | FICA - Social Security | FICA - Medicare | FUTA | SUTA | Total Taxes |

(A) | (B) | (C) | (D) | (E) | (F) |

(6.2% of A) | (1.45% of A) | (0.6% of A) | (5.4% of A) | (B+C+D+E) | |

$6,100.00 | $378.20 | $88.45 | $36.60 | $329.40 | $832.65 |

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[The following information applies to the questions
displayed below.]
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