Calculate net pay in the following example.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Calculate net pay in the following example. Assume that FICA reate is 7.65%, FITW is 15% and the employee did not earn more than $50,000.
Robert is paid $475 per week and makes a pretax contribution of $75 for medical insurance to his employer's flexible benefit plan.
Do not include a dollar sign in your answer. Round to the nearest tenth.
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