-Jennifer Mason earns $5312.15 monthly, is single, and claims 2 withholding allowances. Find her net earnings for this pay period. FICA tax is 4.2% and Medicare tax is 1.45%.

Question

Quizplus · Accepted Answer

To find Jennifer's net earnings, we first calculate the total deductions. FICA tax is 4.2% of $5312.15, which is $223.11. Medicare tax is 1.45% of $5312.15, which is $77.02. The total tax deduction is $223.11 + $77.02 = $300.13. Subtracting this from her monthly earnings, $5312.15 - $300.13 = $5012.02. However, we must also consider federal income tax withholding, which is not provided here. Assuming the closest option, $4217.91, accounts for this additional deduction.

-Jennifer Mason Earns $5312