Baker Green’s weekly gross earnings for the week ending December 7 were $2,500, and her federal...
Baker Green’s weekly gross earnings for the week ending December 7 were $2,500, and her federal income tax withholding was $525. Prior to this week Green had earned $98,000 for the year. Assuming the social security rate is 6% and Medicare is 1.5%, what is Green’s net pay?
Homework Answers
Answer :
Gross earnings = $2500
Less: Federal income tax = (525)
Social Security rate ($2500*6%) = (150)
Medicare ($2500*1.5%) = (37.5)
Greens Net Pay = $1787.5
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