At the end of the first pay period of the year, Dan earned $…
At the end of the first pay period of the year, Dan earned $5,100 of salary. Withholdings from Dan’s salary include Federal Insurance Contributions Act (FICA) Social Security taxes at the rate of 6.2%, Federal Insurance Contributions Act (FICA) Medicare taxes at the rate of 1.45%, $612 of federal income taxes, $180 of medical insurance deductions, and $16 of life insurance deductions. Compute Dan’s net pay for this first pay period.
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