Question

userzurab works for a salary of $1,986 per month. he has federal income tax withheld at the rate of 15%, social security tax at the rate of 6.2%, medicare tax at the rate of 1.45%, and health insurance premiums of $48 per month. zurab also contributes to a savings plan. each month, 2% of his gross pay is placed in the plan. zurab pays income tax on this money. what is his net pay

Answer 1

Zurab's net pay is $1,447.37 after accounting for deductions and taxes.

Step-by-step explanation:

First, let's calculate the total deductions and taxes from Zurab's salary:

Federal Income Tax: 15% of $1,986 = $298.9

Social Security Tax: 6.2% of $1,986 = $123.19

Medicare Tax: 1.45% of $1,986 = $28.82

Health Insurance Premiums: $48

Savings Plan Contribution: 2% of $1,986 = $39.72

Now let's subtract these deductions and taxes from Zurab's salary to find his net pay:

Gross Pay: $1,986

Deductions and Taxes: $298.9 + $123.19 + $28.82 + $48 + $39.72 = $538.63

Net Pay: Gross Pay - Deductions and Taxes = $1,986 - $538.63 = $1,447.37