One of the Lowell Merchandising Corporation\'s salaried employees earned $2,800

Question

One of the Lowell Merchandising Corporation's salaried employees earned $2,800 during the week ended September 10. Prior to the week ended September 10, the employee had earned $98,000 during the current year. The FICA OASDI taxes rate is 6% of the first $100,000 earned per employee per year. The FICA Medicare taxes rate is 1% of each employee's total gross pay. The federal unemployment taxes rate is .8% of the first $7,000 earned per year by each employee. The state unemployment taxes rate is 4% of the first $7,000 earned per year by each employee.

Calculate the employee's gross pay for the week ended September 10.

Explanation / Answer

Lowell Merchandising Corporation's salaried employees earned = $2,800(September 10)

Salry earned during he current year = $ 98,000

Total salary earned = $1,00,800

Gross pay = $1,00,800

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