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Jim Leary, sales rep for Roy Co., has weekly earnings subject to deductions for Social Security, Medicare, and FIT. Before this payroll, Jim is $500 below the maximum for Social Security. He earns $92
Jim Leary, sales rep for Roy Co., has weekly earnings subject to deductions for Social Security, Medicare, and FIT. Before this payroll, Jim is $500 below the maximum for Social Security. He earns $920 for the week, claims two withholdings, and is married. The FICA rate is 6.2% on $110,100 for Social Security and 1.45% for Medicare. Using the percentage method, calculate his net pay.