At the end of the first pay period of the year, Sofia earned $4,600 of salary. Withholdings from Sofia's salary include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $512 of federal income taxes, $172 of medical insuran deductions, and $22 of life insurance deductions. Compute Sofia's net pay for this first pay period. Note: Round your intermediate and final answers to 2 decimal places.

At the end of the first pay period of the year, Sofia earned $4,600 of salary. Withholdings from Sofia's salary include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $512 of federal income taxes, $172 of medical insuran deductions, and $22 of life insurance deductions. Compute Sofia's net pay for this first pay period. Note: Round your intermediate and final answers to 2 decimal places.

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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