(L.OBJ. 3) Computing payroll amounts late in the year [10 min]
Suppose you work for DePetro-Carr, the accounting firm, all year and earn a monthly salary of $6,800. There is no overtime pay. Your withheld income taxes consume 25% of gross pay. In addition to payroll taxes, you elect to contribute 6% monthly to your retirement plan. DePetro-Carr also deducts $110 monthly for your co-pay of the health insurance premium.
Requirement
1. Compute your net pay for November. Use an 8% FICA tax rate.
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