Amy's gross pay for the week is $850. Her deduction for federal income tax is based on a rate of 25%. She has voluntary deductions of $255. Her year−to−date pay is under the limit for OASDI. What is her net pay? (Assume a FICA—OASDI Tax of 6.2% and FICA—Medicare Tax of 1.45%. Round all calculations to the nearest cent.)
Amy's gross pay for the week is $850. Her deduction for federal income tax is based on a rate of 25%. She has voluntary deductions of $255. Her year−to−date pay is under the limit for OASDI. What is her net pay? (Assume a FICA—OASDI Tax of 6.2% and FICA—Medicare Tax of 1.45%. Round all calculations to the nearest cent.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Amy's gross pay for the week is
$850.
Her deduction for federal income tax is based on a rate of
25%.
She has voluntary deductions of
$255.
Her
year−to−date
pay is under the limit for OASDI. What is her net pay? (Assume a
FICA—OASDI
Tax of
6.2%
and
FICA—Medicare
Tax of
1.45%.
Round all calculations to the nearest cent.)Expert Solution
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