Richard Gaziano is a manager for Health Care, Incorporated. Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume a rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. Before this payroll, Richard is $1,000 below the maximum level for Social Security earnings. Richard is married, filing jointly and is paid weekly. What is Richard's net pay for the week if he earns $1,500? Note: Round your answer to the nearest cent. Answer is complete but not entirely correct. Net pay $ 1,576.50
Richard Gaziano is a manager for Health Care, Incorporated. Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume a rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. Before this payroll, Richard is $1,000 below the maximum level for Social Security earnings. Richard is married, filing jointly and is paid weekly. What is Richard's net pay for the week if he earns $1,500? Note: Round your answer to the nearest cent. Answer is complete but not entirely correct. Net pay $ 1,576.50
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 70TA
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Question
Transcribed Image Text:Richard Gaziano is a manager for Health Care, Incorporated. Health Care deducts Social Security, Medicare, and FIT (by percentage
method) from his earnings. Assume a rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. Before this payroll, Richard
is $1,000 below the maximum level for Social Security earnings. Richard is married, filing jointly and is paid weekly.
What is Richard's net pay for the week if he earns $1,500?
Note: Round your answer to the nearest cent.
* Answer is complete but not entirely correct.
Net pay
$ 1,576.50 X
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