Steven takes a full-time position that pays an hourly wage of $32. The job assumes that he will work five 8-hour days a week.  The government takes out 6.2% for Social Security, 1.45% for Medicare, and 15% for Federal income tax.  Steven will have $80 taken out for health insurance and 6% of his after-tax monthly income taken out for retirement.   GAI _________________     GMI _________________   ATM _________________             Total Expenses ________________     Net __________________

College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
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Steven takes a full-time position that pays an hourly wage of $32. The job assumes that he will work five 8-hour days a week.  The government takes out 6.2% for Social Security, 1.45% for Medicare, and 15% for Federal income tax.  Steven will have $80 taken out for health insurance and 6% of his after-tax monthly income taken out for retirement.

 

GAI _________________

 

  GMI _________________

 

ATM _________________

  

         Total Expenses ________________

  

 Net __________________

 

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