Kenneth McFarland's weekly gross earnings for the week ending March 9 were $2,170, and her federal income taxwithholding was $390.60. Assuming the social security tax rate is 6% and Mcdicarc tax is 1.5% of all carnings, what isMcFarland's net pay? If required, round your answer to two decimal places.

Formula: Social security tax amount = Gross pay x Social security tax rate

Kenneth McFarland's weekly gross earnings for the week ending March 9 were $2,170, and her federal income tax withholding was $390.60. Assuming the social sccurity tax ratc is 6% and Medicarc tax is 1.5% of all carnings, what is McFarland's net pay? If required, round your answer to two decimal places.

Kenneth McFarland's weekly gross earnings for the week ending March 9 were $2,170, and her federal income tax withholding was $390.60. Assuming the social sccurity tax ratc is 6% and Medicarc tax is 1.5% of all carnings, what is McFarland's net pay? If required, round your answer to two decimal places.

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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