Asked by Reysi Mizrahi on Jun 22, 2024
Verified
A weekly payroll register shows that Virginia Peters had total wages of $520. She had deductions of $39.78 for FICA tax, $64.50 for federal income tax, and $17 for medical insurance. Compute Peters' net pay.
Net Pay
The amount of an employee's earnings after all deductions, such as taxes and retirement contributions, have been removed.
FICA Tax
The Federal Insurance Contributions Act (FICA) tax is a payroll tax in the United States that is required from both employers and employees to support Social Security and Medicare programs.
Federal Income Tax
A tax levied by the federal government on an individual's or corporation's annual income.
- Compute net pay by deducting taxes and other deductions from gross earnings.
Verified Answer
Learning Objectives
- Compute net pay by deducting taxes and other deductions from gross earnings.
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