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Vinil7
16 days ago
15

John worked 43 hours last week. His hourly rate is $9.00. He has the following deductions taken from his pay: Social Security ta

x at the rate of 6.2 percent, Medicare tax at the rate of 1.45 percent, health insurance premiums of $15.00, and 401(k) contributions of 5 percent of gross pay. John also has federal income tax withheld at the rate of 10 percent. Federal taxes do not apply to the 401(k) contribution. John’s net pay for last week was
Mathematics
2 answers:
lawyer [6.2K]16 days ago
6 0

Assuming John does not receive premium compensation for hours exceeding 40, his earnings would be...

... 43 hours × $9.00 = $387

... - 6.2% × $387 = $23.99

... - 1.45% × $387 = $5.61

... - $15.00

... - 5% × $387 = $19.35

... - 10% × ($387 -19.35) = $36.77

... = $286.28.... net pay after all deductions

Svet_ta [6.6K]16 days ago
3 0

Answer:

$286.28

Explanation:

For working 43 hours at $9 per hour, John's gross pay amounts to

43(9) = $387.

Social Security tax is 6.2% of gross; 6.2% equals 6.2/100 = 0.062; this leads to a deduction of

387(0.062) = 23.994 ≈ $23.99

Medicare tax is 1.45% of gross; 1.45% equals 1.45/100 = 0.0145; thus, the deduction is

387(0.0145) = 5.6115 ≈ $5.61

Health insurance has a flat deduction of $15.

For 401(k) contributions, which are 5% of gross; 5% equals 5/100 = 0.05; the deduction calculates as

387(0.05) = $19.35

Federal tax is applied after the 401(k) contribution, meaning it will be 10% of

387-19.35 = $367.65

10% equals 10/100 = 0.1; this implies a deduction of

367.65(0.1) = 36.765 ≈ $36.77

Ultimately, John's net pay is:

387-23.99-5.61-15-19.35-36.77 = $286.28

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3 0
22 days ago
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