Assume that Johnson earns $24 per hour and he worked 40 hours this week. The Social Security rate is 6.2% and the Medicare rate is 1.45%, and his entire earnings are subjectto both FICA taxes. Also, $120 in income taxes and $40 of union dues are withheld.Johnson's net take-home pay should be:Select one:OOOOA. $726.56B. $800.00C. $640.00D. $738.80

Take home-pay refers to the amount received after subtracting the taxes, voluntary contributions,…

Assume that Johnson earns $24 per hour and he worked 40 hours this week. The Social Security rate is 6.2% and the Medicare rate is 1.45%, and his entire earnings are subje to both FICA taxes. Also, $120 in income taxes and $40 of union dues are withheld. Johnson's net take-home pay should be: Select one: O A. $726.56 O B. $800.00 O C. $640.00 O D. $738.80

Assume that Johnson earns $24 per hour and he worked 40 hours this week. The Social Security rate is 6.2% and the Medicare rate is 1.45%, and his entire earnings are subje to both FICA taxes. Also, $120 in income taxes and $40 of union dues are withheld. Johnson's net take-home pay should be: Select one: O A. $726.56 O B. $800.00 O C. $640.00 O D. $738.80

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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