A company's payroll records report $3,460 of gross pay and $484 of federal income tax withholding for an employee for the weekly pay period. Compute this employee's FICA Social Security tax (6.2%), FICA Medicare tax (1.45%), state income tax (1.0%), and net pay for the current pay period.
A company's payroll records report $3,460 of gross pay and $484 of federal income tax withholding for an employee for the weekly pay period. Compute this employee's FICA Social Security tax (6.2%), FICA Medicare tax (1.45%), state income tax (1.0%), and net pay for the current pay period.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 3E
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![A company's payroll records report $3,460 of gross pay and $484 of federal income tax withholding for an employee for
the weekly pay period.
Compute this employee's FICA Social Security tax (6.2%), FICA Medicare tax (1.45%), state income tax (1.0%), and net pay
for the current pay period.
Note: Round your final answers to 2 decimal places.
Gross pay
FICA Social Security tax deduction
FICA Medicare tax deduction
Federal income tax deduction
State income tax deduction
Total deductions
Net pay](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8dc655a5-0114-4983-becd-0bcc5b4edffa%2Fa56223bd-ee36-4943-9fd0-ce98c7ecbaed%2F9vyucym_processed.png&w=3840&q=75)
Transcribed Image Text:A company's payroll records report $3,460 of gross pay and $484 of federal income tax withholding for an employee for
the weekly pay period.
Compute this employee's FICA Social Security tax (6.2%), FICA Medicare tax (1.45%), state income tax (1.0%), and net pay
for the current pay period.
Note: Round your final answers to 2 decimal places.
Gross pay
FICA Social Security tax deduction
FICA Medicare tax deduction
Federal income tax deduction
State income tax deduction
Total deductions
Net pay
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