An employee earns $5750 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $127,200 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 $7000 of an employee's pay. The employee has $192 in federal income taxes withheld. The employee 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 the employee for the month of January? (Round your intermediate calculations to two decimal places.)

A. $4961.50
B. $4567.62
C. $4832.12
D. $4878.12
E. $4521.62


Answer: D

Business

You might also like to view...

Leadership is a set of characteristics that an individual either actually possesses or is perceived to possess.

Answer the following statement true (T) or false (F)

Business

Today, successful firms are sourcing product from emerging markets and also looking for customers and new business and product innovations to use globally

Indicate whether the statement is true or false

Business

An expense account is closed with a credit to the expense account and a debit to Income Summary

Indicate whether the statement is true or false

Business

Which of the following statements about torts is correct?

a. A tortious act is always a criminal act. b. A criminal act is always a tortious act. c. A tortious act may also be a criminal act. d. A tortious act is the same as a contract dispute.

Business