The payroll records of the company provided the following data for the current weekly pay...
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Accounting
The payroll records of the company provided the following data for the current weekly pay period ended March 12th.
Assume that the Social Security portion of the FICA taxes is 6.2% on the first 117,000 and the Medicare portion is 1.45% of all wages paid to each employee's 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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