Ken Jenkins Earns $75,000 Per Year

question 81

Multiple Choice

Ken Jenkins earns $75,000 per year. What is her net pay for the month ended January 31, if FICA tax rates are: 6.2% for OASDI and 1.45% for Medicare; federal income tax is 20%; and union dues are $400 per month? (Round any intermediate calculations to two decimal places, and your final answer to the nearest whole dollar.)

• A) $4,522
• B) $4,122
• C) $5,850
• D) $5,372

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Definitions:

Shares of Stock

Units of ownership interest in a corporation or financial asset, representing an equal proportion of the company's capital.

Comparative Balance Sheets

Financial statements that present the financial position of a company at different points in time, allowing for analysis of trends and changes.

Current Income Statement

A financial document that reports a company's revenues, expenses, and net income over a specific period of time.

Managers

Individuals responsible for making decisions and overseeing the operations of a part or the entirety of an organization.