Question

Orville staples is a painter who earns 30,000 a year. he is single and claims 3 allowances

Answer 1

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.) Using the weekly payroll for singles :

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.) Social security tax :

SS tax = 6.2% × $30,000 = $1860

4.) State tax :

2% of gross pay

2% × $30,000 = $600

5.) Local tax :

1.5% × 30,000 = $450

6.) Medical dues  = $34.50

7.) Others : = $15.00

8.) Net pay = Gross pay - Total deduction

Net pay = 30000 - $(2340+1860+600+450+34.50+15)

Net pay = 30,000 - 5299.50 = $24700.50

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