The payroll record of a company provided the following data for the current weekly pay period ended March 12 for employee R. Gold. The Social Security portion of the FICA taxes is 6.2% on the first $118,500 per calendar year and the Medicare portion is 1.45% of all wages paid. 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 R. Gold.

Question

The payroll record of a company provided the following data for the current weekly pay period ended March 12 for employee R. Gold.  The Social Security portion of the FICA taxes is 6.2% on the first $118,500 per calendar year and the Medicare portion is 1.45% of all wages paid. 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 R. Gold.

Quizplus · Accepted Answer

The Answer of The payroll record of a company provided the following data for the current weekly pay period ended March 12 for employee R. Gold.  The Social Security portion of the FICA taxes is 6.2% on the first $118,500 per calendar year and the Medicare portion is 1.45% of all wages paid. 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 R. Gold.

The Payroll Record of a Company Provided the Following Data