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
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 1PB
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![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 subject
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
O
O
O
A. $726.56
B. $800.00
C. $640.00
D. $738.80](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0e2773c8-7e93-4338-8e2d-85ba4962711d%2F621baae2-9c3d-49bb-8fc1-05676e93c219%2Fnr1p194_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 subject
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
O
O
O
A. $726.56
B. $800.00
C. $640.00
D. $738.80
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