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Degger [83]
3 years ago
9

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?
Business
1 answer:
aalyn [17]3 years ago
8 0

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

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Explanation:

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Cash flow in year 4 = $58,000  + $17,452.80 = $75,452.80

Cash flow in year 5 = $108,000 + $10,471.68 = $118,471.68

Please check the attached image for how the payback period was calculated

3 0
3 years ago
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