Steven McFarland's weekly gross earnings for the week ending March 9 were $1,180, and her federal income tax withholding was $212.40. Assuming the social security tax rate is 6% and Medicare tax is 1.5% of all earnings, what is McFarland's net pay? If required, round your answer to two decimal places.
Steven McFarland's weekly gross earnings for the week ending March 9 were $1,180, and her federal income tax withholding was $212.40. Assuming the social security tax rate is 6% and Medicare tax is 1.5% of all earnings, what is McFarland's net pay? If required, round your answer to two decimal places.
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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Steven McFarland's weekly gross earnings for the week ending March 9 were $1,180, and her federal income tax withholding was $212.40. Assuming the social security tax rate is 6% and Medicare tax is 1.5% of all earnings, what is McFarland's net pay? If required, round your answer to two decimal places.
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