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How much will ren net pay be for the month of november

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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. Ren is paid monthly and earns $15,000 per month. How much will Ren's net pay be for the month of November assuming the only deductions are required taxes?

Option 1: $9,802.50

Option 2: $9,843.40

Option 3: None of these

Option 4: $8,507.90

Option 5: $10,732.50

Reference no: EM132944374

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