Suppose your gross pay for a pay period is $1500. You figured out your gross pay, but you really want to know how much money you will be taking home- which is your net pay. Your net pay for one week is $1,160.25
Using this formula
Net pay=Gross pay - [(Gross pay× Federal taxes)+(Gross pay×FICA)+(Fross pay+ Medicare)]
Let plug in the formula
Net pay=$1,500-[($1,500×15%)+($1,500×6.0%)+($1,500×1.65%)]
Net pay=$1,500-($225+$90+$24.75)
Net pay=$1,500-$339.75
Net pay=$1,160.25
Inconclusion suppose your gross pay for a pay period is $1500. You figured out your gross pay, but you really want to know how much money you will be taking home- which is your net pay. Your net pay for one week is $1,160.25
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