Question

# Katie Perry earns \$5,750 per month working for his employer. The FICA tax rate for Social...

Katie Perry earns \$5,750 per month working for his employer. The FICA tax rate for Social Security is 6.2% of the first \$118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first \$7,000 of an employee's pay. The employee has \$192 in federal income taxes withheld. Katie has voluntary deductions for health insurance of \$160 and contributes \$80 to a retirement plan each month. What is the amount of net pay for Katie for the month of January? (Round your intermediate calculations to two decimal places.)

FICA tax – social security tax = 5750*6.2% = \$356.50

FICA tax – Medicare tax = 5750*1.45% = \$83.38

Net Pay = gross pay – social security tax – medicare tax – federal income tax withheld – health insurance deduction – contribution to retirement plan = 5750-356.50-83.38-192-160-80 = \$4878.12

#### Earn Coins

Coins can be redeemed for fabulous gifts.

Similar Homework Help Questions
• ### An employee earns \$6,500 per month working for an employer. The FICA tax rate for Social...

An employee earns \$6,500 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first \$128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first \$7,000 of an employee's pay. The employee has \$222 in federal income taxes withheld. The employee has voluntary deductions...

• ### An employee earns \$6,450 per month working for an employer. The FICA tax rate for Social...

An employee earns \$6,450 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first \$128,400 of earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first \$7,000 of an employee's pay. The employee has \$220 in federal Income taxes withheld. The employee has voluntary...

• ### An employee earns \$5,550 per month working for an employer. The FICA tax rate for Social...

An employee earns \$5,550 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first \$127.200 of earnings each calendar ye and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 14%. Both unemployment taxes are nipple to the first \$7,000 of an employee's pay. The employee has \$184 in federal income taxes withheld. The employee has voluntary...

• ### An employee earns \$6,150 per month working for an employer

An employee earns \$6,150 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first \$128.400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first \$7,000 of an employee's pay. The employee has \$208 in federal income taxes withheld. The employee has voluntary deductions...

• ### An employee earns \$6,400 per month working for an employer.

TB MC Qu. 09-135 An employee earns... An employee earns \$6,400 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first \$128.400 of earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first \$7,000 of an employee's pay. The employee has \$218 in federal income...

• ### An employee earned \$62,200 during the year working for an employer. The FICA tax rate for...

An employee earned \$62,200 during the year working for an employer. The FICA tax rate for Social Security is 6.2% of the first \$118,500 of employee earnings per calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first \$7,000 of an employee's pay. What is the amount of total unemployment taxes the employee must...

• ### An employee earned \$61,500 during the year working for an employer. The FICA tax rate for...

An employee earned \$61,500 during the year working for an employer. The FICA tax rate for Social Security is 6.2% of the first \$128,400 of employee earnings per calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first \$7,000 of an employee's pay. What is the amount of total unemployment taxes the employee must...

• ### An employee earns \$5.650 per month working for an employer. The RCA for Social Security is...

An employee earns \$5.650 per month working for an employer. The RCA for Social Security is 62% of the first 1500 of earnings each calendar year and the ICA tax rate for Medicare is 1455 of a coming The current FUTA rate is 06, and the SUTA taxates Bethunemployment as we applied to the first \$7000 of an employee's pay. The employee has S in federal income taxes with The employee has voluntary deductions for health insurance of \$156 and...

• ### The chief executive officer earns \$21,400 per month. As of May 31, her gross pay was...

The chief executive officer earns \$21,400 per month. As of May 31, her gross pay was \$107,000. The tax rate for Social Security is 6.2% of the first \$118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first \$7,000 of an employee’s pay. What is the amount of FICA- Social Security...

• ### Portia Grant is an employee who is paid monthly. For the month of January of the...

Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of 8,888. The FICA tax for social security is 6.2% of the first \$118,500 of employee earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The FUTA tax rate of 0.6% and the SUTA tax rate of 5.4% are applied to the first \$7,000 of an employee's pay. The amount of...