At the end of the first pay period of the year, Dan earned $6,600 of salary. Withholdings from Dan's salary include Federal Insurance Contributions Act (FICA) Social Security taxes at the rate of 6.2%, Federal Insurance Contributions Act (FICA) Medicare taxes at the rate of 1.45%, $792 of federal income taxes, $255 of medical insurance deductions, and $19 of life insurance deductions. Compute Dan's net pay for this first pay period.

At the end of the first pay period of the year, Dan earned $6,600 of salary. Withholdings from Dan's salary include Federal Insurance Contributions Act (FICA) Social Security taxes at the rate of 6.2%, Federal Insurance Contributions Act (FICA) Medicare taxes at the rate of 1.45%, $792 of federal income taxes, $255 of medical insurance deductions, and $19 of life insurance deductions. Compute Dan's net pay for this first pay period.

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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