Question

Your annual salary is $28,460 your State personal deductions total $88 for a weekly pay period. The state tax rate is 3.6% of taxable income. The city rate is 1.7% of gross pay. Medical and group life insurance is paid by the company. Social security and Medicare are withheld .Union dues are $156 per year. FIT is $67 per pay period what is your net pay for each weekly pay period

Answer 1

Answer:

First, in one year you win:

$28,460

Now yearly we can subtract:

3.6% for the taxable income

1.7% for the gross pay:

(Those apply to the complete annual salary)

3.6% + 1.7% = 5.3%

This in decimal notation is 0.053, then paying those two things we have left:

$28,460*(1 - 0.053) = $26,951.62

Now we need to subtract the union dues, which are $156 per year.

$26,951.62 - $156 = $26,795.62

Now, this is yearly, and we want to know the weekly pay.

In one year we have 365 days.

One week has 7 days.

Then in one year, we have:

365/7 = 52.14 weeks.

Then the pay per week is:

$26,795.62/52.14 = $513.92

And now, each week we must pay $88 for state personal deductions, and $67 for FIT.

Then we have:

$513.92 - $88 - $67 = $358.92

Then the net pay for each weekly pay period is: $358.92