$8,950.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Sean's gross pay for this month is
$8,950.
His gross
year−to−date
pay, prior to this month, totaled
$127,500.
Sean's rate for federal income tax is
28%.
His voluntary deductions total
$1,950.
What is Sean's net pay? (Assume an OASDI rate of
6.2%,
applicable on the first
$132,900
earnings, and a Medicare rate of
1.45%,
applicable on all earnings. Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)Expert Solution
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