Question

An employee earns $6,100 per month working for an employer. The FICA tax rate for Social...

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.)

Homework Answers

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
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
QUESTION HAS 2 PARTS 1. An employee earns $6,200 per month working for an employer. The...
QUESTION HAS 2 PARTS 1. An employee earns $6,200 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 $210 in federal income taxes withheld....
41. An employee earns $5,550 per month working for an employer. The FICA tax rate for...
41. An employee earns $5,550 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 $184 in federal income taxes withheld. The employee has voluntary...
66A) An employee earned $62,100 during the year working for an employer. The FICA tax rate...
66A) An employee earned $62,100 during the year working for an employer. The FICA tax rate for Social Security is 6.2% of the first $118,500 of employee earnings per 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. What is the amount of total unemployment taxes the employee...
An employer has one employee who earned $3,000 his first month of employment. The employee’s federal...
An employer has one employee who earned $3,000 his first month of employment. The employee’s federal income tax withholding (FITW) is $400, and the employee has voluntary monthly deductions of $125 for health insurance and $25 for union dues. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The employer's FUTA tax rate is 0.6% and the SUTA tax rate is 5.4%. (Note: The limit for FICA Social Security is $128,400...
An employee earns $5,500 per month working for an employer. The FICA tax rate for Social...
An employee earns $5,500 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 of earnings 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 $182 in federal income taxes withheld. The employee has voluntary...
1. A company that reports segment information had average total assets of $1,558,450 and total net...
1. A company that reports segment information had average total assets of $1,558,450 and total net income of $644,700. Segment A had average total assets of $945,800 and segment operating income of $325,300. Segment B had average assets of $612,650 and segment operating income of $319,400. The segment return on assets for Segment B is:? 41.4% 52.1% 34.4% 60.7% 50.5% 2. During the first week of January, an employee works 47 hours. For this company, workers earn 150% of their...
This question has parts. 36A) An employee earned $61,600 during the year working for an employer....
This question has parts. 36A) An employee earned $61,600 during the year working for an employer. The FICA tax rate for Social Security is 6.2% of the first $118,500 of employee earnings per 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. What is the amount of total...
1. An employer has one employee who earned $4,000 his first month of employment. The employee’s...
1. An employer has one employee who earned $4,000 his first month of employment. The employee’s federal income tax withholding (FITW) is $600, and the employee has voluntary monthly deductions of $350 for health insurance and $50 for union dues. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The employer's FUTA tax rate is 0.6% and the SUTA tax rate is 5.4%. (Note: The limit for FICA Social Security is...
1. The chief executive officer earns $10,100 per month. As of May 31, her gross pay...
1. The chief executive officer earns $10,100 per month. As of May 31, her gross pay was $50,500. The tax rate for Social Security is 6.2% of the first $128,400 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. What is the amount of FICA-Social Security...
[The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social...
[The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 6,500 $ 900 b. 2,050 2,150 c. 122,200 8,100 a) Tax September...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT