Asked by jeminia herring on Jul 02, 2024
Verified
A weekly payroll register shows that Vickie Sanders had total wages of $550. She had deductions of $42.08 for FICA tax, $55 for federal income tax, and $22.50 for medical insurance. Compute Sander's net pay.
Net Pay
The amount of a person's paycheck after deductions, such as taxes and retirement contributions, have been removed.
FICA Tax
A U.S. federal payroll tax known as the Federal Insurance Contributions Act tax, which finances Social Security and Medicare benefits.
Federal Income Tax
A charge imposed by the federal government of the United States on the yearly income of individuals, corporations, trusts, and various legal entities.
- Ascertain the net earnings by subtracting statutory and discretionary deductions from gross pay.
Verified Answer
Learning Objectives
- Ascertain the net earnings by subtracting statutory and discretionary deductions from gross pay.
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