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Michael’s Manufacturing, Inc. has the following information available for the month of July:
-Cost of goods sold for July is:
Net Pay
The amount of money a worker takes home after deductions.
Withholding Tax
Federal, state, and local income taxes that are withheld by employers, who then send the money to the government.
Social Security
A government program that provides financial assistance to retirees, disabled individuals, and survivors of deceased workers.
Medicare
A federal health insurance program in the United States for people who are 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease.
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