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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.)

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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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