Question

If you have 12% withheld for federal taxes, 7% for state taxes, and FICA is 7.65%, how much are your involuntary withholdings in all if your gross pay was $1,375.00 and your net income was $725.00?

Answer 1

Answer: 6. c $32000/year with a 10% bonus

7. d $283.56

Answer 2

Total known withholdings = federal + state + FICA + involuntary
= (12 + 7 + 7.65) % of 1,375 + Involuntary
Net income = gross - withholdings
$725.00 = $1,375.00 - [(12 + 7 + 7.65) % of 1,375 + Involuntary]
Solve for involuntary
725=1375-0.2665×1,375-inv
725=1375-366.4375-inv
Involuntary=1,375−366.4375−725
Involuntary=283.56

Hope it helps