The Payroll Records of a Company Provided the Following Data

question 92

Essay

The payroll records of a company provided the following data for the current weekly pay period ended March 12.
Assume that the Social Security portion of the FICA taxes is 6.2% on the first $127,200 and the Medicare portion is 1.45% of all wages paid to each employee for this pay period.The federal and state unemployment tax rates are 0.8% and 5.4%,respectively,on the first $7,000 paid to each employee.Calculate the net pay for each employee.

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Definitions:

Poverty

A condition where individuals or communities lack the financial resources to meet basic living needs such as food, shelter, and healthcare.

Percent

A ratio or fraction expressed as a part of 100.

Ethnic Minorities

Groups within a community, nation, or state which have different national or cultural traditions from the majority population.

Immigration

The action of coming to live permanently in a foreign country, often involving changes in social identity and cultural adaptation.