The Payroll Records of a Company Provided the Following Data

question 95

Essay

The payroll records of a company provided the following data for the current weekly pay period ended March 12.
$$\begin{array} { l c c r r r r } & \begin{array} { l } \text { Earnings } \\\text { to End of }\end{array} & & \text { Federal } & \text { Medical } & & \\& \text { Previous } & \text { Gross } & \text { Income } & \text { Insurance } & \text { Union } & \text { United } \\\text { Employees } & \text { Week } & \text { Pay } & \text { Taxes } & \text { Deduction } & \text { Dues } & \text { Way } \\\text { D. Hui } &\$ 5 , 8 0 0& \$ 8 0 0& \$ 1 2 0 & \$3 5 & \$ 1 0 &\$ 1 0\\\text { B. Kirm } & 6 , 8 5 0 & 1,100 & 180 & 35 & 10 & 15 \\\text { C. Sly } & 12,900 & 1,440 & 404 & 35 & 10 & 40\end{array}$$
Assume that the Social Security portion of the FICA taxes is 6.2% on the first $118,500 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:

Export

Goods or services sold by a country to another country, contributing positively to the selling country's balance of trade.

C + I + G Curve

An economic model representing the total spending in an economy, comprising Consumption (C), Investment (I), and Government Expenditures (G).

Regressive Tax

A taxation mechanism where the tax rate effectively decreases as the taxable amount (income or assets) increases, placing a higher relative burden on lower earners.

Investment

Placing capital into assets or projects with the aim of generating growth, returns, or appreciation over time.