Question

Joe Bob is an employee of Rollo Corporation who receives a salary of $14,900 per month. Each month, Joe Bob has $2,740 in federal income tax and $880 in state income tax withheld from his salary. The OASDI rate is 6.2%; the MHI rate is 1.45%. Joe Bob's take-home pay in the following months is:

Answer 1

Answer:

$10,427

Explanation:

With a total salary of $14,900, each month an amount is withheld in income tax and state tax of $2,740 and $880.

Hence the amount left after taxes is $11,280.

Now deducting the 6.2% and the 1.45% from the $11,280, Joe is only left with $10,427 as his salary.

Thank You.