An Employee Earns $5,500 Per Month Working for an Employer

question 105

Multiple Choice

An employee earns $5,500 per month working for an employer. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The current FUTA tax rate is 0.8%, and the SUTA tax rate is 4.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $182 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $150 and contributes $75 to a retirement plan each month. What is the amount of net pay for the employee for the month of January?

• A) $4,827.00
• B) $4,672.25
• C) $4,628.25
• D) $4,386.25
• E) $4,430.25

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Definitions:

Store Atmospherics

The physical elements in a retail environment that are designed to influence a consumer's perception and behavior within the store, such as lighting, music, and layout.

Consumer Views

Opinions or attitudes held by consumers regarding products, services, or brands, often influencing their purchasing decisions.

Retailer's Image

The public perception of a retail store, shaped by its branding, customer service, product selection, and overall shopping experience.

Opportunistic Buying

Acquiring products or services under favorable circumstances, often at reduced prices, due to special situations rather than planned purchasing.