The payroll records of a company provided the following data for the currently weekly pay period ended March 7:
Assume that the Social Security portion of the FICA taxes is 6.2% on the first $110,100 (for 2012) and the Medicare portion is 1.45% of all wages paid to each employee for this pay period.The federal and state unemployment tax rates are 0.8% and 5.4%,respectively,on the first $7,000 paid to each employee.
Calculate the net pay for each employee.

Question

The payroll records of a company provided the following data for the currently weekly pay period ended March 7:
  Assume that the Social Security portion of the FICA taxes is 6.2% on the first $110,100 (for 2012) and the Medicare portion is 1.45% of all wages paid to each employee for this pay period.The federal and state unemployment tax rates are 0.8% and 5.4%,respectively,on the first $7,000 paid to each employee.
Calculate the net pay for each employee.

Quizplus · Accepted Answer

The Answer of The payroll records of a company provided the following data for the currently weekly pay period ended March 7:
  Assume that the Social Security portion of the FICA taxes is 6.2% on the first $110,100 (for 2012) and the Medicare portion is 1.45% of all wages paid to each employee for this pay period.The federal and state unemployment tax rates are 0.8% and 5.4%,respectively,on the first $7,000 paid to each employee.
Calculate the net pay for each employee.

The Payroll Records of a Company Provided the Following Data