I need Jason Thompson's weekly gross earnings for the week ending April 15th were$3,200, and his federal income tax withholding was $640. Assuming the SocialSecurity rate is 6.2% and Medicare is 1.45% of all earnings, what isThompson's net pay?

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Answered: Jason Thompson's weekly gross earnings…

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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Jason Thompson's weekly gross earnings for the week ending April 15th were $3,200, and his federal income tax withholding was $640. Assuming the Social Security rate is 6.2% and Medicare is 1.45% of all earnings, what is Thompson's net pay?