Payroll for the month of May is as follows: • FICA Social Security tax rate at 6.2% FICA Medicare tax rate at 1.45% • Federal income tax of $400 • State income tax of $75 Health-care insurance premium of $298 • Union dues of $50 • The employee is responsible for covering 14% of his or her health insurance premium What is the net pay of the one employee for the month of May? Round to the nearest penny, two decimals. No new data to save. Last checked at 11:47pm Submit C

Payroll for the month of May is as follows: • FICA Social Security tax rate at 6.2% FICA Medicare tax rate at 1.45% • Federal income tax of $400 • State income tax of $75 Health-care insurance premium of $298 • Union dues of $50 • The employee is responsible for covering 14% of his or her health insurance premium What is the net pay of the one employee for the month of May? Round to the nearest penny, two decimals. No new data to save. Last checked at 11:47pm Submit C

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 14EA: Toren Inc. employs one person to run its solar management company. The employees gross income for...

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