Question

Employees' weekly gross earnings were $6,300, and their federal income tax withholding was $1,278.90. Assuming the social security rate is 6.0% and the Medicare tax rate is 1.5%, what is the net amount to be paid to employees? a. $4,926.60 b. $5,021.10 c. $4,548.60 d. $4,643.10

Name: employees weekly gross earnings were 6300 and their federal income tax withholding was 127890 assuming the social security rate is 60 and the medicare tax rate is 15 what is the net amount t 54627
Uploaded: 2024-07-09T14:20:18-08:00
Duration: 1 min 15 s
Channel: Matthew Wagner
Description: employees weekly gross earnings were 6300 and their federal income tax withholding was 127890 assuming the social security rate is 60 and the medicare tax rate is 15 what is the net amount t 54627

          Employees' weekly gross earnings were $6,300, and their federal income tax withholding was $1,278.90. Assuming the social security rate is 6.0% and the Medicare tax rate is 1.5%, what is the net amount to be paid to employees?
a. $4,926.60
b. $5,021.10
c. $4,548.60
d. $4,643.10

Added by Jennifer R.

Horngren’s Cost Accounting

Srikant M. Datar, Madhav V. Rajan 16th Edition

Instant Answer

Solved by Expert Matthew Wagner

07/09/2024

Step 1

- Social Security tax rate = 6.0% - Weekly gross earnings = $6,300 - Social Security tax = 6.0% of $6,300 = 0.06 * $6,300 = $378 Show more…

Show all steps

Thanks for your feedback!

Employees' weekly gross earnings were $6,300, and their federal income tax withholding was $1,278.90. Assuming the social security rate is 6.0% and the Medicare tax rate is 1.5%, what is the net amount to be paid to employees? a. $4,926.60 b. $5,021.10 c. $4,548.60 d. $4,643.10