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Problem 1: Assume a FICA for Social Security rate of 6.2%, a FICA for Medicare rate of 1.45%, a federal income tax withholding rate of 20%, a state income tax withholding rate of 7%, a federal unemployment rate of 0.6%, and a state unemployment rate of 3%. Also assume the wage limit for social security is $142,800 and the wage limit for both FUTA and SUTA is $7,000. Connie is paid monthly and earned $5,000 in the first month of the year. How much is her take-home pay assuming no other deductions other than the required tax deductions?
Option 1: $3,267.50Option 2: None of theseOption 3: $2,817.50Option 4: 3,067.50Option 5: $3,087.50
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