Health care deducts social security medicare and fit by, Ask an Expert

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Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume a rate of 6.2% on $110,100 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, is paid weekly, and claims 2 exemptions. Tax withholding is 187.15 plus 25% in excess of $1515. Weekly payroll period is $73.08 ONE withholding exemption What is Richard’s net pay for the week if he earns $1,600?

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Financial Management, Finance

Category:- Financial Management
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