Question

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. The employee has voluntary deductions for
health insurance of $178 and contributes $89 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.)**

**1b.** During the
first week of January, an employee works 48 hours. For this
company, workers earn 150% of their regular rate for hours in
excess of 40 per week. Her pay rate is $10 per hour, and her wages
are subject to no deductions other than FICA Social Security, FICA
Medicare, and federal income taxes. The 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 $87 in federal income taxes withheld. What is
the amount of this employee’s net pay for the first week of
January?

Answer #1

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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...

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[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...

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.
$
6,600
$
500
b.
2,100
2,200
c.
122,300
8,200
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