At the end of the first pay period of the year, Sofia earned $5,400 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%, $528 of federal income taxes, $188 of medical insurance deductions, and $38 of life insurance deductions. Compute Sofia’s net pay for this first pay period.

At the end of the first pay period of the year, Sofia earned $5,400 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%, $528 of federal income taxes, $188 of medical insurance deductions, and $38 of life insurance deductions. Compute Sofia’s net pay for this first pay period.

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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