41. Collin\'s gross pay for this month is $9,150. His gross year-to-date pay, pr

Question

41. Collin's gross pay for this month is $9,150. His gross year-to-date pay, prior to this month, totaled $112,500. Collin's rate for federal income tax is 28%. His voluntary deductions total $1,050. what is Collin's net pay? (Assume an OASDI rate of 6.2%, applicable on the first $118,500 earnings, and a Medicare rate of 1.45%, applicable on all earnings.) A) $9,150.00 B) $5,126.32 C) $6,588.00 D) $5,033.32 Which of the following deductions is paid by both the employer and employee? A) Federal income taxes B) Federal unemployment taxes C) FICA taxes D) SUTA taxes 42.

Explanation / Answer

41 Gross pay 9150 Deductions: Federal income tax 2562 =9150*28% Voluntary deductions 1050 OASDI tax 372 =(118500-112500)*6.2% Medicare tax 132.68 =9150*1.45% Total deductions 4116.68 Net pay 5033.32 Option D is correct 42 FICA taxes is paid by both employer and employee

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