You are paid $7.25/hour. You work 40 hours/week for 2 weeks. Your involuntary deductions are FICA (7.65%), federal withholding (
14%) and state withholding (7%). How much is your realized income?
$290.00
$206.91
$580.00
$413.83
Please explain!!
2 answers:
Answer:
$413.83
Step-by-step explanation:
Your earnings for the two weeks are
7.25(40)(2) = 580
The deductions for FICA will be
0.0765(580) = 44.37
The deductions for federal withholding will be
0.14(580) = 81.2
The deductions for state withholding will be
0.07(580) = 40.6
This makes your realized income
580-(44.37+81.2+40.6) = 580-166.17 = 413.83
Answer:
$413.83
Step-by-step explanation:
Your gross pay for 80 hours is ...
(80 hours) × ($7.25/hour) = $580
Your total deductions are ...
7.65% +14% +7% = 28.65%
So, your realized pay is ...
gross pay - deductions =
$580 - 0.2865×580 = $580 -166.17 = $413.83
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