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Richard Gaziano is a manager for Health Care, Incorporated. Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume a rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. Before this payroll, Richard Is $1,000 below the maximum level for Social Security earnings. Richard is married, filling Jointly and is paid weekly. What is Richard's net pay for the week if he earns $1,880? (Use Table 9.1). Note: Round your answer to the nearest cent. Net pay

Richard Gaziano is a manager for Health Care, Incorporated. Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume a rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. Before this payroll, Richard Is $1,000 below the maximum level for Social Security earnings. Richard is married, filling Jointly and is paid weekly. What is Richard's net pay for the week if he earns $1,880? (Use Table 9.1). Note: Round your answer to the nearest cent. Net pay

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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Richard Gaziano is a manager for Health Care, Incorporated. Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume a rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. Before this payroll, Richard Is $1,000 below the maximum level for Social Security earnings. Richard is married, filing jointly and is paid weekly. What is Richard's net pay for the week If he earns $1,880? (Use Table 9.1). Note: Round your answer to the nearest cent. Net pay
Transcribed Image Text:Richard Gaziano is a manager for Health Care, Incorporated. Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume a rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. Before this payroll, Richard Is $1,000 below the maximum level for Social Security earnings. Richard is married, filing jointly and is paid weekly. What is Richard's net pay for the week If he earns $1,880? (Use Table 9.1). Note: Round your answer to the nearest cent. Net pay
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