What inequality is shown in the graph below?
1 answer:
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Using the information in the table given, the Gross pay, deductions and net pay for Orville staples are :
- $30,000
- $2340
- $1860
- $600
- $450
- $34.50
- $15.00
- $24700.50
Given the tax time table :
- Social security tax = 6.2% of $97,500
- Medicare = 1.45% of gross income
- State tax = 2% of gross pay
- Local tax = 1.5% of gross pay
- Gross pay = $30,000
1.) Gross pay, total amount earned prior to tax = $30,000
2.) <u>Using the weekly payroll for singles</u> :
Number of weeks in a year = 52
Weekly earning = 30000/52 = 600
The Federal income tax = $25 per week (3 allowances claimed)
Total FIT = $45 × 52 = $2340
3.) <u>Social security tax</u> :
SS tax = 6.2% × $30,000 = $1860
4.) <u>State tax</u> :
2% of gross pay
2% × $30,000 = $600
5.) <u>Local tax</u> :
1.5% × 30,000 = $450
6.) <u>Medical dues</u> = $34.50
7.) <u>Others</u> : = $15.00
8.) <u>Net pay = Gross pay - Total deduction</u>
Net pay = 30000 - $(2340+1860+600+450+34.50+15)
Net pay = 30,000 - 5299.50 = $24700.50
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