Question

Help ! ! ! !

You are paid $7.75/hr at your part-time job and your deductions are FICA (7.65%), federal tax withholding (10.15%), and state tax withholding (6.8%). You work 11 hours. How much is your net income?

Answer 1

The net pay is $64.28 .

Explanation:

As given

You are paid $7.75/hr at your part-time job .

You work 11 hours.

Thus

Gross pay = Number of hours works × Pay per hour

Put all the values in the above

Gross pay = 11 × 7.75

= $85.25

As given

Deductions are FICA (7.65%), federal tax withholding (10.15%), and state tax withholding (6.8%).

7.65% is written in the decimal form

`= (7.65)/(100)`

= 0.0765

FICA tax = 0.0765 × Gross pay

= 0.0765 × $85.25

= $6.522 (Approx)

10.15% is written in the decimal form

`= (10.15)/(100)`

= 0.1015

Federal tax = 0.1015 × Gross pay

= 0.1015 × 85.25

= $8.653 (Approx)

6.8% is written in the decimal form

`= (6.8)/(100)`

= 0.068

State tax = 0.068 × Gross pay

= 0.068 × 85.25

= $ 5.797

Thus

Net pay = Gross pay - FICA tax - Federal tax - State tax

Put all the values in the above

Net pay = $ 85.25 -$6.522 - $8.653 - $ 5.797

= $85.25 - $20.972

= $64.28 (Approx)

Therefore the net pay is $64.28 .

Answer 2

$7.75 * 11 hours = $85.25,
FICA (7.65%) = $6.521625,
Federal Withholding (10.15%) = $8.652875,
State (6.8%) = $5.797
$85.25 - $6.521625 - $8.652875 - $5.797 = $64.278 = $64.28 Net income to nearest cent.