Answer:
To calculate Jane's monthly gross wage, we first need to determine her weekly gross wage. Jane works 40 hours per week at $10 per hour, so her weekly gross wage is 40 hours * $10/hour = $400.
Next, we need to calculate her overtime pay. Jane averages 10 hours of overtime per week, and overtime pay is usually 1.5 times the regular hourly rate. Therefore, her overtime pay per week is 10 hours * $10/hour * 1.5 = $150.
Adding her regular wage and overtime pay, Jane's total gross wage per week is $400 + $150 = $550.
Since there are four paychecks in February, her monthly gross wage is 4 paychecks * $550/paycheck = $2,200.
To calculate the amount deposited into Jane's 401(k) plan, we need to determine her withholding and the matching contribution from her employer. Jane withholds 10% of her gross wages for the 401(k) plan, so the withholding amount is 10% * $2,200 = $220. Her employer provides a 50% matching contribution, so the employer's contribution is 50% * $220 = $110.
Therefore, Jane and her employer deposit a total of $220 + $110 = $330 into her 401(k) plan each month.
For FICA deductions, we need to calculate the Social Security and Medicare taxes. The Social Security tax rate is 6.2% and the Medicare tax rate is 1.45%. We apply these rates to Jane's gross wages.
The Social Security deduction is 6.2% * $2,200 = $136.40.
The Medicare deduction is 1.45% * $2,200 = $31.90.
Therefore, Jane has a total of $136.40 + $31.90 = $168.30 deducted each month for FICA.
For Federal Income Tax withholding, Jane withholds 5% of her gross wages. The Federal Income Tax withholding is 5% * $2,200 = $110.
To calculate Jane's net take-home pay, we subtract all the deductions from her gross wage:
Gross wage: $2,200
401(k) withholding: $220
FICA deductions: $168.30
Federal Income Tax withholding: $110
Medical insurance: $10
Net take-home pay: $2,200 - $220 - $168.30 - $110 - $10 = $1,691.70
Jane's net take-home pay is $1,691.70 per month.