Morgan is an employee of Redwind Company. He earned $12,350 for the current month. Prior to the current payroll period, his year-to-date wages amounted to $131,200. Assume that the following tax rates are currently in effect. FICA Tax DASDI Medicare Federal Income Tax Withholding Rate Net par (take-home pay) 6.2% 1.45% 25% Celing $128,400 No celing Required: Compute Morgan's take-home pay (net pay) for the month. Note: Round your answer to the nearest cent $0
Morgan is an employee of Redwind Company. He earned $12,350 for the current month. Prior to the current payroll period, his year-to-date wages amounted to $131,200. Assume that the following tax rates are currently in effect. FICA Tax DASDI Medicare Federal Income Tax Withholding Rate Net par (take-home pay) 6.2% 1.45% 25% Celing $128,400 No celing Required: Compute Morgan's take-home pay (net pay) for the month. Note: Round your answer to the nearest cent $0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Morgan is an employee of Redwind Company. He earned $12,350 for the current month. Prior to the current payroll period, his year-to-date wages amounted to $131,200. Assume that the following tax rates are currently in effect. 7 FICA Tax OASDI Medicare Federal Income Tax Withholding Net pay (take-home pay): Rate X 6.2% 1.45% 25% Required: Compute Morgan's take-home pay (net pay) for the month. Note: Round your answer to the nearest cent. Ceiling $0 $128,400 No ceiling BEE K
Transcribed Image Text:Morgan is an employee of Redwind Company. He earned $12,350 for the current month. Prior to the current payroll period, his year-to-date wages amounted to
$131,200.
Assume that the following tax rates are currently in effect.
7
EICA
Tax
DASDI
Medicare
Federal Income Tax
Withholding
Net pay (take-home pay)
6,2%
1.45%
25%
x
Celing
Required:
Compute Morgan's take-home pay (net pay) for the month.
Note: Round your answer to the nearest cent
$0
$128,400
No celing
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