An employee earned $4,600 in February working for an employer. The Federal Insurance Contributions Act (FICA) tax rate for Social Security is 6.2% of the first $137700 earned during each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of | earnings. The employee has $644 in federal income taxes withheld and has voluntary deductions for health insurance of $50 and contributes $460 to a retirement plan each month. The employer pays the $200 remainder of the health insurance premium and an equal amount of contribution to the retirement fund. What is the amount of net pay for the employee for the month of February? Multiple Choice ο ο ο ο ο $3,604.10 $3,094.10 $3,496.00 $3,446.00 $2,634.10

An employee earned $4,600 in February working for an employer. The Federal Insurance Contributions Act (FICA) tax rate for Social Security is 6.2% of the first $137700 earned during each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of | earnings. The employee has $644 in federal income taxes withheld and has voluntary deductions for health insurance of $50 and contributes $460 to a retirement plan each month. The employer pays the $200 remainder of the health insurance premium and an equal amount of contribution to the retirement fund. What is the amount of net pay for the employee for the month of February? Multiple Choice ο ο ο ο ο $3,604.10 $3,094.10 $3,496.00 $3,446.00 $2,634.10

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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