Question

You earn $420 per week. You pay social security taxes of 7.65%, federal taxes of 22%, and state taxes of 5.95%. What is your take home pay?

Answer 1

Your take home pay is $270.48

Explanation

Your gross earnings per week is  $420

You pay social security taxes of 7.65%, federal taxes of 22% and state taxes of 5.95%

So, the amount of social security taxes $=\ 420*\frac{7.65}{100}= \ 32.13$

the amount of federal taxes $=\ 420*\frac{22}{100}= \ 92.40$

and the amount of state taxes $=\ 420*\frac{5.95}{100}= \ 24.99$

Thus, the total amount of tax deducted from the gross earnings $=(\ 32.13+\ 92.40+\ 24.99)=\ 149.52$

So, your take home pay will be:  $(\ 420-\ 149.52)= \ 270.48$

Answer 2

7.65+
5.95+
22= 35.6

Multiply 420$
35.6=
149.50$

Minus 149.50 from 420$
=270.48 will be your take home pay