contestada

The following totals for the month of October were taken from the payroll register of the Tobias Company:
Salaries [all subject to social security and medicare taxes] $14,000
Salaries [included above] subject to unemployment taxes 11,000
Federal income taxes withheld 3,500
State income taxes withheld 1,100
Medicare tax rate 1.45%
Social security tax rate 6.20%
Federal unemployment tax rate .60%
State unemployment tax rate 5.40%

What is the gross and net pay?

Respuesta :

Answer:

Gross pay = $14,000

Net pay = $8,329

Explanation:

Particular                                            Amount

Salary                                                  $14,000  

Gross pay                                      $14,000  

Less: Federal income tax                $3,500  

Less: State income tax                      $1,100  

Less: Social security tax              $868

$14,000 x 6.20%

Less: Medicare tax                       $203

$14,000 x 1.45%                                              

Net pay                                               $8,329