Financial accounting question Tam Worldly's weekly gross earnings for the week endedApril 22 were $2,000, and her federal income tax withholdingwas $372.02. Assuming that the social security rate is 6% andMedicare is 1.5% of all earnings, what is Worldly's net pay?

Step 1: Define Payroll TaxPayroll tax, as used in accounting, is the sum of tax deducted from an…

Answered: Tam Worldly's weekly gross earnings for…

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 3E

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Tam Worldly's weekly gross earnings for the week ended April 22 were $2,000, and her federal income tax withholding was $372.02. Assuming that the social security rate is 6% and Medicare is 1.5% of all earnings, what is Worldly's net pay?