FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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At the end of the first pay period of the year, Sofia earned $4,000 of salary. Withholdings from Sofia's salary include FICA Social
Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $500 of federal income taxes, $160 of medical insurance
deductions, and $10 of life insurance deductions. Compute Sofia's net pay for this first pay period.
Gross pay
FICA Social Security
FICA Medicare
Federal income taxes
Medical insurance deduction
Life insurance deduction
Total deductions
Net pay
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Transcribed Image Text:At the end of the first pay period of the year, Sofia earned $4,000 of salary. Withholdings from Sofia's salary include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $500 of federal income taxes, $160 of medical insurance deductions, and $10 of life insurance deductions. Compute Sofia's net pay for this first pay period. Gross pay FICA Social Security FICA Medicare Federal income taxes Medical insurance deduction Life insurance deduction Total deductions Net pay
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