Based on the company's earnings statement, the amount of money that would be deposited into Hope's checking account on the most recent payday of 5/21/20 is: $284.79.
<u>Given the following data:</u>
- Gross wages = $600
- Current deduction = $315.21.
An earnings statement can be defined as a financial document that is used to report the amount of money that is being paid by an employer to an employee, including all the deductions for a specific period of time.
<h3>What is net pay?</h3>A net pay refers to an amount of money that an employee earns after all deductions have been subtracted from his or her gross wages.
Some examples of the deductions made from gross wages include the following:
- FICA MED tax.
- FICA SS tax.
- Health
- Retirement
- FED tax.
In this scenario, we would calculate Hope's net pay as follows:
Net pay = $284.79.
In conclusion, the amount of money that would be deposited into Hope's checking account on the most recent payday of 5/21/20 is a net pay of $284.79.
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