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valina [46]
3 years ago
10

Marsha Mellow’s weekly gross earnings for the week ended May 23 were $1,250, and her federal income tax withholding was $201.65.

Assuming that the social security rate is 6% and Medicare is 1.5% of all earnings, what is Mellow’s net pay? If required, round your answer to two decimal places.
Business
1 answer:
Nataliya [291]3 years ago
8 0

Answer:

$954.60

Explanation:

Gross Pay: Gross income for an individual, also known as gross pay, is the individual's total pay from his employer before taxes or other deductions.

Net Pay: Gross income for an individual, also known as gross pay, is the individual's total pay from his employer after taxes or other deductions.

Particulars       Amount   Amount

Gross Pay                          $1,250

Withholding deduction:

Income tax       <em>($201.65)</em>

Social Security  <em>(1,250*0.06 = $75)</em>

Medicare tax <em>(1,250*0.015 = $18.75)</em>

Net pay                                           $954.60  

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