Kenneth invernesss weekly gross earnings for the week, Ask an Expert

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Kenneth Inverness's weekly gross earnings for the week ending December 18 were $2,480, and his federal income tax withholding was $421.60. Prior to this week, Inverness had earned $98,600 for the year. Assuming the social security rate is 6% on the first $100,000 of annual earnings and Medicare is 1.5% of all earnings, what is Inverness's net pay? If required, round your answer to two decimal places.

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Accounting Basics, Accounting

Category:- Accounting Basics
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