Jeff Jones earns 1,200 per week. He is married and claims 4 withholding allowances. The FICA rate is: Social Security 6.2% on $106,800; Medicare rate is 1.45%. To date his cumulative wages are $6,000. Each paycheck, his employer also deducts $42.50 for health insurance. What is his net pay? (Calculate FIT by percentage method).

Janice Gibbs
Accounting Major
[email protected]

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Originally Posted by s00461851

Jeff Jones earns 1,200 per week. He is married and claims 4 withholding allowances. The FICA rate is: Social Security 6.2% on $106,800; Medicare rate is 1.45%. To date his cumulative wages are $6,000. Each paycheck, his employer also deducts $42.50 for health insurance. What is his net pay? (Calculate FIT by percentage method).

Janice Gibbs
Accounting Major
[email protected]

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surely this is simple mathematics

NP = GP -(GP*SS) - (GP*MC)- HI