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Ronald works at Weasleys’ Wizard Wheezes for the summer and earns gross wages of $4,000.  Data relating to his pay includes:   Federal income tax liability $ 400 State income tax liability 200 Federal unemployment tax 24 State unemployment tax 216      All of Ronald's

Ronald works at Weasleys’ Wizard Wheezes for the summer and earns gross wages of $4,000.  Data relating to his pay includes:   Federal income tax liability $ 400 State income tax liability 200 Federal unemployment tax 24 State unemployment tax 216      All of Ronald's

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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Ronald works at Weasleys’ Wizard Wheezes for the summer and earns gross wages of $4,000.  Data relating to his pay includes:

 

Federal income tax liability

$ 400

State income tax liability

200

Federal unemployment tax

24

State unemployment tax

216

     All of Ronald's wages are subject to Social Security and Medicare taxes.  Ronald’s net pay for the summer period is:

Group of answer choices
$3,160
$3,400
$3,094
$2,854


 
 

 

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