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An employee earns $6,200 per month working for an employer. The Federal Insurance Contributions Act...

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An employee earns $6,200 per month working for an employer. The Federal Insurance Contributions Act (FICA) tax rate for Social Security is 6.2% of the first $137,700 earned each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $210 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $178 and contributes $89 to a retirement plan each month. What is the amount of net pay for the employee for the month of January? (Round your intermediate calculations to two decimal places.) Multiple Choice $5,338.60 $5,248.70 $4,913.90 $5,199.10 $4,864.30

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