Robert,the accountant,has to calculate the net pay for each of Dotson Company's three employees.Robert has gathered the following information about payroll for the period:
Required: Calculate the net paycheck for each of the employees.Assume that FICA (Social Security)taxes are withheld at the rate of 6.2% of gross earnings and that Medicare taxes are withheld at the rate of 1.45% of gross earnings.
Definitions:
Standard Deviation
A measure of the amount of variability or dispersion of a set of data values, illustrating how much individual data points deviate from the mean.
Variable
Any characteristic, number, or quantity that can be measured or quantified.
Normally Distributed
Describes a distribution that follows a normal curve or bell-shaped pattern, where most of the data points are close to the mean.
Standard Deviation
Standard Deviation is a measure of the amount of variability or dispersion around the mean value of a set of data.
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