Rhonda Brennan found her first job after graduating from college through the classifieds of the Miami Herald. She was delighted wherthe offer came through at $16.20 per hour. She completed her W-4 stating that she is married with a child and claims an allowance of3. Her company will pay her biweekly for 80 hours (assume a tax rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare).Calculate her take-home pay for her first check. (Use Table 9.1 and Table 9.2) (Round your answer to the nearest cent.)Net pay

Solution Working Note- Total gross pay. 80 *$16.20 1296 Less - Tax deduction /…

Answered: Rhonda Brennan found her first job…

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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Monica has a yearly salary of $36,100. Her employer withholds $4320 in state and federal taxes and $3744 in FICA taxes throughout the year. She has the following monthly costs: transportation is $250, cell phone bill is $85, student loans require $260 in repayment, and rent is $500. She is using the average monthly costs for each of the following in order to gain an idea of other monthly expenses: utilities are $150, internet is $105, health insurance is $391, and groceries are $350. What is Monica's monthly net pay amount? Round your answer to the nearest cent, if necessary.
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