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Kenneth Friedman's weekly gross earnings for the week ending March 9 were $3,840, and her federal income tax withholding was $729.60. Assuming the social security tax rate is 6% and Medicare tax is 1.5% of all earnings, what is Friedman's net pay? If required, round your answer to two decimal places.

Kenneth Friedman's weekly gross earnings for the week ending March 9 were $3,840, and her federal income tax withholding was $729.60. Assuming the social security tax rate is 6% and Medicare tax is 1.5% of all earnings, what is Friedman's net pay? If required, round your answer to two decimal places.

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 10.2BE
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Kenneth Friedman's weekly gross earnings for the week ending March 9 were $3,840, and her federal income tax withholding was $729.60. Assuming the social security tax rate is 6% and Medicare tax is 1.5% of all earnings, what is Friedman's net pay? If required, round your answer to two decimal places.
Transcribed Image Text:Kenneth Friedman's weekly gross earnings for the week ending March 9 were $3,840, and her federal income tax withholding was $729.60. Assuming the social security tax rate is 6% and Medicare tax is 1.5% of all earnings, what is Friedman's net pay? If required, round your answer to two decimal places.
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