Question

Sam Martin makes $7 per hour and works 40 hours per week. What would be the amount of his bi-weekly gross paycheck?What would his gross yearly income be?He is single, with no dependents. Figure the following amounts that will be

deducted from his paycheck.
A. Medicare: ______________________________
B. Social Security: __________________________
C. Federal Income Tax: ______________________
D. Additional State Withholding: ____________
What would his bi-weekly net pay be?
What is the total amount deducted from his paycheck?

Answer 1

Sam would make about 13,440 per year.

His pay check would be deducted over 93% which is 12,406 spent on bills, and about $90 left to spend on whatever he wants.

Answer 2

Sam Martin's bi-weekly gross paycheck is $560, from which $126.83 is deducted for Medicare, Social Security, and taxes, resulting in a bi-weekly net pay of $433.17. Sam's annual gross income is $14,560.

Step-by-step explanation:

Sam Martin earns $7 per hour and works 40 hours a week. To calculate Sam's bi-weekly gross paycheck, we multiply his hourly wage by the number of hours he works in two weeks: $7/hour × 40 hours/week × 2 weeks = $560. Sam's gross annual income would then be $7/hour × 40 hours/week × 52 weeks/year = $14,560.

For deductions:

Medicare is 1.45% of gross annual income: $14,560 × 0.0145 = $211.12 annually, or $8.11 bi-weekly.

Social Security is 6.2% of gross annual income: $14,560 × 0.062 = $902.72 annually, or $34.72 bi-weekly.

Federal and State Taxes are assumed at 15% of gross annual income: $14,560 × 0.15 = $2,184 annually, or $84.00 bi-weekly.

Total deductions from Sam's bi-weekly paycheck would be the sum of his bi-weekly Medicare, Social Security, and tax deductions: $8.11 (Medicare) + $34.72 (Social Security) + $84.00 (Taxes) = $126.83. Therefore, Sam's bi-weekly net pay would be his gross paycheck minus total deductions: $560 - $126.83 = $433.17.