The following data applies to the July 15 payroll for the Woodard Research Firm (overtime is paid at 1 1/2) Assume:
FICA-OASDI is 6.2% based on a limit of $128,400.
FICA-Medicare is 1.45%.
FUTA is .8% based on a limit of $7,000.
SUTA is 5.6% based on a limit of $7,000.
State income tax is 2.8%.
-Compute the net pay for the employees' paychecks.

Question

The following data applies to the July 15 payroll for the Woodard Research Firm (overtime is paid at 1 1/2)  Assume:
FICA-OASDI is 6.2% based on a limit of $128,400.
FICA-Medicare is 1.45%.
FUTA is .8% based on a limit of $7,000.
SUTA is 5.6% based on a limit of $7,000.
State income tax is 2.8%.
-Compute the net pay for the employees' paychecks.

Quizplus · Accepted Answer

The Answer of The following data applies to the July 15 payroll for the Woodard Research Firm (overtime is paid at 1 1/2)  Assume:
FICA-OASDI is 6.2% based on a limit of $128,400.
FICA-Medicare is 1.45%.
FUTA is .8% based on a limit of $7,000.
SUTA is 5.6% based on a limit of $7,000.
State income tax is 2.8%.
-Compute the net pay for the employees' paychecks.

The Following Data Applies to the July 15 Payroll for the Woodard