Multiple Choice
Assuming a FICA tax rate of 8% on the first $106,800 in wages, 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 $108,000?
A) $99,456
B) $77,760
C) $86,400
D) $77,856
Correct Answer:

Verified
Correct Answer:
Verified
Related Questions
Q4: A good internal control feature is to
Q12: An employee's time card is used to
Q14: Jerri Rice has worked 44 hours this
Q15: A Wage and Tax Statement shows gross
Q19: FICA taxes and federal income taxes are
Q102: The journal entry to record the payroll
Q122: Which one of the following payroll taxes
Q137: By January 31 following the end of
Q147: FICA taxes withheld and federal income taxes
Q187: FICA taxes do not provide workers with<br>A)