Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. calculate james' net pay given the following infor

Calculate James' net pay given the following informationcumulative 1. James is an hourly employee,...

80.2K

Verified Solution

Question

Accounting

Calculate James' net pay given the following informationcumulative
1. James is an hourly employee, earning $75/hour
2. James worked 30 hours during the relevant pay period.
3. James has $4,000 in cumulative wages this year before this paycheck
4. James' federal income tax withholding amount for the pay period is $180
5. James state income tax withholding for the pay period is $45.
6. The FUTA rate is 0.6% and the SUTA rate is 3.55%. Both FUTA and SUTA are applied to the first $7,000 of each employee's cumulative annual gross pay each year.
7. The FICA rate is 7.6% of gross pay

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students