Ask Question
30 May, 10:18

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?

+3
Answers (1)
  1. 30 May, 10:38
    0
    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
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “The following totals for the month of October were taken from the payroll register of the Tobias Company: Salaries [all subject to social ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers