An employee earns $6,500 per month working for an employer. The FICA tax rate for Social...
An employee earns $6,500 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $222 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $190 and contributes $95 to a retirement plan each month. What is the amount of net pay for the employee for the month of January? (Round your intermediate calculations to two decimal places.)
Homework Answers
Net pay: Monthy income – FICA – Medicare – Federal taxes – Health insurance – Retirement plan contribution = $6,500 - $403 - $94 - $222 - $190 - $95 = $5,496.
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