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What is richard net pay for the week

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Reference no: EM132832719

Richard Gaziano is a manager for Health Care, Inc. Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume a rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare. Before this payroll, Richard is $1,000 below the maximum level for Social Security earnings. Richard is married, is paid weekly, and claims 2 exemptions.

Problem 1: What is Richard's net pay for the week if he earns $1,600? (Round your answer to the nearest cent.)

Reference no: EM132832719

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