Multiple Choice
Assuming a FICA tax rate of 7.65% on the first $117,000 in wages and 1.45% in excess of $117,000 and a federal income tax rate of 20% on all wages, what would be an employee's net pay for the year if he earned $180,000? Round all calculations to the nearest dollar.
A) $134,867
B) $133,953
C) $144,000
D) $134,136
Correct Answer:
Verified
Correct Answer:
Verified
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