Bill is paid bi-weekly and has a gross pay of $1500 for each pay period. He pays Social Security at a rate of 6.2%, Medicare at
a rate of 1.45%, and pays combined taxes of 16.2%. What will be his net paycheck be if those are the only deductions?
Group of answer choices
$1142.25
$1360.95
$1210.15
$139.05
2 answers:
Answer: A) $1142.25
Step-by-step explanation:
Important Rule: Gross pay - Deduction
- SS Tax = 6.2% <u>converts --></u> .062
- Medicare = 1.45% <u>converts --></u> .0145
- Income = 16.2% <u>converts --></u> .162
NOW MULTIPLY
(1500)(0.62) = 93
(1500)(.0145) = 21.75
(1500)(.162) = 243
ADD ALL OF THESE TOGETHER
243 + 21.75 + 93 = 357.75 [Total Deduction is 357.75]
Remember that Gross Pay minus Deduction equals our Answer!
1500 - 357.75 = $1142.25
<em>Hope I helped you understand!</em>
Answer:
$1,142.25
Step-by-step explanation:
Gross = $1500
Deductions = 6.2% + 1.45% + 16.2% = 23.85%
100% - 23.85% = 76.15%
100% = 1500
76.15$ = x
By cross multiplication
100x = 1500 * 76.15
x = $1,142.25
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