Question

Find the Net Pay: $2345 gross pay, Federal Withholding $592, FICA $179.40, Local $22.05, Health Ins. $56.00.

Answer 1

the net pay is basically ur take home pay...it is what u get after Uncle Sam takes out his taxes...

2345 - (592 + 179.4 + 22.05 + 56) = 2345 - 849.45 = 1495.55 <== net pay

Answer 2

Net pay would be $1495.55

Explanation:

Net pay is the amount of pay remaining after deductions have been taken from individual's gross pay.

It is given

Gross pay = $2,345

Federal Withholding = $592

FICA withholding = $179.40

Local tax = $22.05

Health insurance = $56.00

Net pay = Gross pay - ( sum of all deductions)

= 2345 - ( 592 + 179.40 + 22.05 + 56.00 )

= 2345 - 849.45 = $1495.55

Net pay would be $1495.55