Question

4. Your gross pay is $459, they take out 6.25% for income taxes and 7.65% for FICA

(Social Security & Medicare). How much is your net pay?

Answer 1

6.25%*459=28.6875

7.65%*459=35.1135

459-28.6875=430.3125

430.3125-35.1135=395.199

Answer 2

If you work for an employer, you and your employer each pay a 6.2 percent Social Security tax on up to $142,800 of your earnings and a 1.45 percent Medicare tax on all earnings.