Phil Phoenix is paid monthly. For the month of January of the current year, he earned...

Phil Phoenix is paid monthly. For the month of January of the current year, he earned a total of $8,000. The FICA tax rate for social security is 6.2%, and the FICA tax rate for Medicare is 1.45%. The FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $8,000 of an employee's pay. The amount of federal income tax withheld from his earnings was $1,000. His net pay for the month is ________.

a	$6,388.00
b	$5,776.00
c	$7,388.00
d	$6,566.00

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total of $8,738.

Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total of $8,738. FICA tax for Social Security is 6.2% on the first $118,500 of earnings each calendar year and the FICA tax for Medicare is 1.45% of all earnings. The FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal...

Gary Marks is paid on a monthly basis. For the month of January of the current...

Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total of $9288. FICA tax for Social Security is 6.2% on the first $118,500 of earnings each calendar year and the FICA tax for Medicare is 1.45% of all earnings. The FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7000 of an employee's pay. The amount of Federal...

Gary Marks is paid on a monthly basis. For the month of January of the current...

Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total of $9,188. FICA tax for Social Security is 6.2% and the FICA tax for Medicare is 1.45%. The FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal Income Tax withheld from his earnings was $1,524.57. What is the amount...

Gary Marks is paid on a monthly basis. For the month of Januaryof the current...

Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total of $9138. FICA tax for Social Security is 6.2% on the first $128,400 of earnings each calendar year and the FICA tax for Medicare is 1.45% of all earnings. The FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7000 of an employee's pay. The amount of Federal...

Portia Grant is an employee who is paid monthly. For the month of January of the...

Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,260. The FICA tax for social security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The FUTA tax rate of 0.6% and the SUTA tax rate of 5.4% are applied to the first $7,000 of an employee’s pay. The amount of federal income...

Lori Longpie is an employee who is paid monthly. For the month of January of the...

Lori Longpie is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,260. The FICA tax for social security is 6.2% and the FICA tax rate for Medicare is 1.45%. The FUTA tax rate of .6% and the SUTA tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1,325.17. She also had union...

Lori Longpie is an employee who is paid monthly. For the month of January of the...

q4 Portia Grant is an employee who is paid monthly. For the month of January of...

q4 Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8738.00. The FICA tax for social security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The FUTA tax rate of 0.6% and the SUTA tax rate of 5.4% are applied to the first $7000 of an employee's pay. The amount of federal...

Hardaway earned $147,000 of compensation this year. He also paid (or had paid for him) $6,100...

Hardaway earned $147,000 of compensation this year. He also paid (or had paid for him) $6,100 of health insurance (not through an exchange). What is Hardaway's AGI in each of the following situations? (Ignore the effects of Social Security and self-employment taxes.) a. Hardaway is an employee and his employer paid Hardaway’s $6,100 of health insurance for him as a nontaxable fringe benefit. Consequently, Hardaway received $140,900 of taxable compensation and $6,100 of nontaxable compensation. Hardaway’s AGI -------------------------? b. Hardaway...

In January of the current calendar fiscal year, a company paid $36,000 for insurance coverage for...

In January of the current calendar fiscal year, a company paid $36,000 for insurance coverage for the next three years. After the first ten months of the insurance policy have lapsed, all of the following are true except: Question 24 options: Insurance Expense will have a debit balance of $10,000 The monthly entry to record insurance expense will include a $1,000 credit to Prepaid Insurance Prepaid Insurance will have a debit balance of $26,000 The year to date impact on...

Subjects