The payroll records of a company provided the following data for the current weekly pay period ended March 7. Assume that the Social Security portion of the FICA taxes is 6.2% on the first $106,800 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 current weekly pay period ended March 7.  Assume that the Social Security portion of the FICA taxes is 6.2% on the first $106,800 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