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Jeff Jones earns $1,200 per week. He is married and claims four withholding allowances. The FICA rate is as follows: Social Security rate is 6.2% on $97,500; Medicare rate is 1.45%. To date his cumulative wages are $6,000. Each paycheck, his employer also deducts $42.50 for health insurance. What is his net pay? (Calculate FIT by the percentage method) PLEASE SHOW YOUR WORK AND HOW YOU GOT YOUR ANSWER.

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  • Posted on Aug. 26, 2011 at 04:10:24AM
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mbck
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Preview: ... Health Ins           = (42.50) Taxable Pay               = 1157.50 Social Security Tax      = 71.77 (1157.50 *.062) Medicare ...
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