Question

g George's gross pay for the week is $800. George's deduction for federal income tax is based on a rate of 15%. He has a weekly medical insurance deduction of $50. His yearly pay is under the limit for OASDI. His FICA Social Security rate is 6.2% and his FICA Medicare rate is 1.45%. What is the amount of George's net pay?

Answer 1

Answer:

The amount of George's net pay is $568.8  per week.

Explanation:

Because George's yearly pay is under the limit for OASDI, he don't bear the income tax either.

                                         Rate Amount

Gross pay                                      $800.0

Personal deduction             15%     $120.0

Medical insurance deduction       $50.0

FICA Social Security          6.20%      $49.6

FICA Medicare                    1.45%        $11.6

Income Before Tax                     $568.8

Taxation                                         0%         $0

Net Pay                                             $568.8