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    College Accounting Study Set 2
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    Exam 7: Calculating Pay and Payroll Taxes: The Beginning of the Payroll Process
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    Compute the Net Pay for Each Employee
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Compute the Net Pay for Each Employee

Question 92

Question 92

Essay

Compute the net pay for each employee. The FICA tax rate is: OASDI 6.2% on a limit of $106,800; Medicare is 1.45%; federal income tax is 15%; state income tax is 5%; and medical insurance is $100 per employee.
Compute the net pay for each employee. The FICA tax rate is: OASDI 6.2% on a limit of $106,800; Medicare is 1.45%; federal income tax is 15%; state income tax is 5%; and medical insurance is $100 per employee.

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