Jeff Jones earns $1,200 per week. He is married and claims four withholding allowances. The FICA rate is as follows: Social Security rate is 6.2% on $97,500; Medicare rate is 1.45%. To date, his cumulative wages are $6,000. Each paycheck, his employer also deducts $42.50 for health insurance. What is his net pay?
Jeff Jones earns $1,200 per week. He is married and claims four withholding allowances. The FICA rate is as follows: Social Security rate is 6.2% on $97,500; Medicare rate is 1.45%. To date, his cumulative wages are $6,000. Each paycheck, his employer also deducts $42.50 for health insurance. What is his net pay?
Chapter4: Income Exclusions
Section: Chapter Questions
Problem 41P
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Transcribed Image Text:Jeff Jones earns $1,200 per week. He is married and claims
four withholding allowances. The FICA rate is as follows:
Social Security rate is 6.2% on $97,500; Medicare rate is
1.45%. To date, his cumulative wages are $6,000. Each
paycheck, his employer also deducts $42.50 for health
insurance. What is his net pay?
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