The Payroll Records of a Company Provided the Following Data

Essay

The payroll records of a company provided the following data for the current weekly pay period ended March 12. Assume that the Social Security portion of the FICA taxes is 6.2% on the first $118,500 of earnings per calendar year and the Medicare portion is 1.45% of all wages paid to each employee for this pay period. The federal and state unemployment tax rates are 0.8% and 5.4%, respectively, on the first $7,000 paid to each employee. Calculate the net pay for each employee.