Question

Given the pay rate and hours worked(9.75,40.0 ) determine the gross earnings, federal taxes (assuming 23% of gross earnings), state taxes (assuming 7% of gross earnings), social security deduction (assuming 7.05% of gross earnings), total deductions, and net pay.

Answer 1

To calculate the gross earnings, federal taxes, state taxes, social security deduction, total deductions, and net pay, we use the provided pay rate and hours worked. Gross earnings = pay rate * hours worked. Federal taxes = gross earnings * 23%. State taxes = gross earnings * 7%. Social security deduction = gross earnings * 7.05%.

Step-by-step explanation:

Given the pay rate and hours worked, we can calculate the gross earnings by multiplying the pay rate by the number of hours worked: 9.75 * 40 = $390. To calculate the federal taxes, we multiply the gross earnings by 23%: 390 * 0.23 = $89.70. Similarly, the state taxes can be calculated by multiplying the gross earnings by 7%: 390 * 0.07 = $27.30.

The social security deduction is calculated by multiplying the gross earnings by 7.05%: 390 * 0.0705 = $27.50. The total deductions can be found by adding up the federal taxes, state taxes, and social security deduction: 89.70 + 27.30 + 27.50 = $144.50.

Finally, the net pay is calculated by subtracting the total deductions from the gross earnings: 390 - 144.50 = $245.50.