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Mr. Onege earns a monthly salary of $8,000. Based on Mr Ortega's Form W-4, the tax tables require withholding $900 per month for income taxes Mc Ortega has authorized his employer to deduct $380 per month for medical insurance and $30 per month for a chantable contribution to the Humane Society Assume a FICA tax rate of 6%, a Medicare tax rate of 15%, and an Unemployment tax rate of 6% on the first $7000 of income. Based on this information, Mc Ortega's net pay for January 31, Year 1 is Multiple Choce O $5,000 $5,670 $6,990 $6.000

Mr. Onege earns a monthly salary of $8,000. Based on Mr Ortega's Form W-4, the tax tables require withholding $900 per month for income taxes Mc Ortega has authorized his employer to deduct $380 per month for medical insurance and $30 per month for a chantable contribution to the Humane Society Assume a FICA tax rate of 6%, a Medicare tax rate of 15%, and an Unemployment tax rate of 6% on the first $7000 of income. Based on this information, Mc Ortega's net pay for January 31, Year 1 is Multiple Choce O $5,000 $5,670 $6,990 $6.000

FINANCIAL ACCOUNTING
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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D Mr. Ortega earns a monthly salary of $8,000. Based on Mr Ortega's Form W-4, the tax tables require withholding $900 per month for income taxes. Mr.Ortega has authorized his employer to deduct $380 per month for medical insurance and $30 per month for a charitable contribution to the Humane Society Assume a FICA tax rate of 6%, a Medicare tax rate of 1.5%, and an Unemployment tax rate of 6% on the first $7,000 of income. Based on this information, McOrtega's net pay for January 31, Year 1 is Multiple Choice $5,610 $5,670 $6,990 $6,090
Transcribed Image Text:D Mr. Ortega earns a monthly salary of $8,000. Based on Mr Ortega's Form W-4, the tax tables require withholding $900 per month for income taxes. Mr.Ortega has authorized his employer to deduct $380 per month for medical insurance and $30 per month for a charitable contribution to the Humane Society Assume a FICA tax rate of 6%, a Medicare tax rate of 1.5%, and an Unemployment tax rate of 6% on the first $7,000 of income. Based on this information, McOrtega's net pay for January 31, Year 1 is Multiple Choice $5,610 $5,670 $6,990 $6,090
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