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Question - For this year, assume the OASDI FICA tax rate is 6% of the first $60,000 of each employee's yearly earnings and the Medicare FICA tax is 1% of each employee's yearly earnings. Prior to November 2, William had earned gross pay of $58,000. During the week ended November 8, William earned $2,500. During the week, in addition to FICA taxes, William had federal income taxes of $600, state income taxes of $110, and union dues of $10 withheld from his pay.
Calculate the dollar amount of William's net pay for the week ended November 8.
a. $1,605
b. $1,635
c. $1,640
d. $1,780
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