The Payroll Records of a Company Provided the Following Data

question 46

Essay

The payroll records of a company provided the following data for the current weekly pay period ended March 7.
Assume that the Social Security portion of the FICA taxes is 6.2% on the first $106,800 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:

Permanent

Describing something that is intended to exist or function for an indefinite duration without significant change.

Unalterable

Incapable of being changed or modified.

Media

Channels or systems of communication that distribute information and entertainment to a wide audience.

Real World

The sphere of everyday life and experiences outside of fictional, virtual, or theoretical environments.