Asked by Mohd Najyasyraf Hussin on Jul 05, 2024
Verified
A monthly payroll register shows that Andrew Li had total wages of $2,845. He had deductions of $217.64 for FICA tax, $198 for federal income tax, and $40 for medical insurance. Compute Li's net pay for the month.
Net Pay
The amount of money received by an employee after all deductions have been made from the gross salary.
FICA Tax
Federal Insurance Contributions Act tax, which funds Social Security and Medicare, required to be paid by both employees and employers.
Federal Income Tax
A charge imposed by the United States federal government on the yearly income of individuals, corporations, trusts, and other legal bodies.
- Determine the net income by deducting tax and additional deductions from gross income.
Verified Answer
Learning Objectives
- Determine the net income by deducting tax and additional deductions from gross income.
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