Practice Question 32 Mike Kohl, an employee of Spotswood Company, has gross earn

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Practice Question 32

Mike Kohl, an employee of Spotswood Company, has gross earnings for the month of October of $8,000. FICA taxes are 7.65% of gross earnings, federal income taxes amount to $1,270 for the month, state income taxes are 2% of gross earnings, and Mike authorizes voluntary deductions of $20 per month to the United Fund. What is the net pay for Mike Kohl?

$5,963

$5,938

$5,950

$5,958

Practice Question 32

Mike Kohl, an employee of Spotswood Company, has gross earnings for the month of October of $8,000. FICA taxes are 7.65% of gross earnings, federal income taxes amount to $1,270 for the month, state income taxes are 2% of gross earnings, and Mike authorizes voluntary deductions of $20 per month to the United Fund. What is the net pay for Mike Kohl?

$5,963

$5,938

$5,950

$5,958

Explanation / Answer

Gross Salary $      8,000 Deductions FICA tax (7.65%) $         612 Federal Income Tax $      1,270 State Income Tax (2%) $         160 Voluntary Deduction $           20 Net Pay $      5,938

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