Financial accounting problem Financial Accounting ProblemSwift Manufacturing's payroll shows: grosswages $50,000, income tax withheld 20%, socialsecurity 6.2%, and Medicare 1.45%. Calculatethe net pay.a) $36,175 b) $35,525 c) $36,000 d) $35,500

Explanation of Gross Wages:Gross wages refer to the total amount an employee earns before any…

Answered: Financial Accounting Problem Swift…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter22: S Corporations

Section: Chapter Questions

Problem 16CE

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Financial Accounting Problem Swift Manufacturing's payroll shows: gross wages $50,000, income tax withheld 20%, social security 6.2%, and Medicare 1.45%. Calculate the net pay. a) $36,175 b) $35,525 c) $36,000 d) $35,500