Question

you earn $420 per week. You pay social security taxes of 7.65% federal taxes of 22%, and state taxes of 5.95%. What is your take home pay?

Answer 1

To calculate take-home pay, deduct Social Security taxes, federal taxes, and state taxes from your salary. Take-home pay is $270.45.

Step-by-step explanation:

To calculate your take-home pay, you need to subtract the deductions and taxes from your salary. Let's break it down:

1. Calculate the Social Security taxes: 7.65% of $420 = $32.13.
2. Calculate the federal taxes: 22% of $420 = $92.40.
3. Calculate the state taxes: 5.95% of $420 = $25.02.

Now, subtract the total amount of taxes from your salary:
Take-home pay = $420 - ($32.13 + $92.40 + $25.02) = $270.45.

Answer 2

First you need to solve for how much you lose for each individual tax, so 420x.0765 will give you how much money you lose to social security tax, then do the same for the other types and add them together, the value will give you the amount you have lost, so taking the total (420) minus the amount lost you will have the amount that you can "take home" So 420-((420x.0765)+(420x.22)+(420x.0595)) = amount still in your pocket