Blake Green's weekly gross earnings for the week ending December 7 were $2,500, and her federal income tax withholding was $525. Assuming the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and Green’s earnings to date have not reached the maximum subject to FICA taxes, what is Green’s net pay? Round your answer to two decimal places.
Blake Green's weekly gross earnings for the week ending December 7 were $2,500, and her federal income tax withholding was $525. Assuming the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and Green’s earnings to date have not reached the maximum subject to FICA taxes, what is Green’s net pay? Round your answer to two decimal places.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 7E
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Blake Green's weekly gross earnings for the week ending December 7 were $2,500, and her federal income tax withholding was $525. Assuming the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and Green’s earnings to date have not reached the maximum subject to FICA taxes, what is Green’s net pay? Round your answer to two decimal places.
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