Question

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 and
there is no limit for FICA Medicare. The limit is $7,000 for FUTA
and $9,000 for SUTA.) What are the employee's **total
deductions** for the **first month of the
year**?

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 and
there is no limit for FICA Medicare. The limit is $7,000 for FUTA
and $9,000 for SUTA.) What is the **employee's net
pay** for the **first month of the year**?

Answer #1

Req 1: | |||||

Total Deductions for the first month of Pay: | |||||

FICA social security tax (3000*6.2%) | 186 | ||||

FICA Medicare (3000*1.45%) | 43.5 | ||||

Federal Income tax witholding | 400 | ||||

Voluntary Contribution to health insurance | 125 | ||||

Union dues | 25 | ||||

Total Deductions from Employee pay | 779.5 | ||||

Rreq 2: | |||||

Net pay of the employee: | |||||

Gross Pay of the month | 3000 | ||||

Less: Total Deductions as computed above | 779.5 | ||||

Net pay of the employee: | 2220.5 | ||||

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[The following information applies to the questions
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