Based on the activity,how many words are familiarto you?
1 answer:
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Answer:
$1068.95
Step-by-step explanation:
Gross Pay = $1200
Health Insurance deducted = $42.50
Taxable Pay = 1200 - 42.50
= $1157.50
Social security rate = 6.2%
=
= 0.062 (converted into decimal)
Social security Tax = Taxable Pay * Social security rate
= 1157.50 *0.062
= 71.765
= $71.77 (rounded off to the nearest hundredth)
Medicare Tax rate = 1.45%
=
= 0.0145 (converted into decimal)
Medicare Tax = Taxable Pay * Medicare Tax rate
= 1157.50 * 0.0145
= $16.78
Net Pay = Gross Pay - Health Insurance deducted - Social security Tax - Medicare Tax
= 1200 - 42.50 - 71.77 - 16.78
= 1200 - (42.50 + 71.77 + 16.78)
= 1200 - 131.05
= $1068.95