Solved: Assuming the social security rate is 6 and medicare is 15, Accounting Basics

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Assuming the social security rate is 6 and medicare is 15

Question - Employee Net Pay

Colin Inverness's weekly gross earnings for the week ending December 18 were $3,210, and his federal income tax withholding was $609.9. Assuming the social security rate is 6% and Medicare is 1.5% of all earnings, what is Inverness's net pay? If required, round your answer to two decimal places.

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Accounting Basics: Assuming the social security rate is 6 and medicare is 15

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Accounting Basics: Assuming the social security rate is 6 and medicare is 15

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