Final answer:
To calculate Sean Matthews' net take-home pay, add his wages and reported tips to determine the gross income, and then subtract federal income tax, social security tax, and state income tax. Accurate calculations require current tax tables, which are not provided.
Step-by-step explanation:
The question revolves around calculating net take-home pay for a waiter named Sean Matthews considering his wages, tips, and various taxes withheld. The subject involves practical application of taxation rules on earned income, which is a fundamental topic in financial literacy and mathematics. We can determine the net take-home pay by first totaling the wages and tips and then subtracting the federal income tax, social security taxes, and state income tax.
First, we add the wages for March ($300) and the reported tips for February ($500), resulting in a total pre-tax income of $800. Next, we would calculate the taxes withheld according to federal income tax brackets, social security tax at 6.2%, and state income tax at the specified rate of 0.02 or 2%.
To determine the exact net take-home pay, we would need the current tax year's federal income tax withholding tables to calculate the federal tax. Unfortunately, without the specific tax bracket information, we cannot provide an accurate calculation. However, the general approach to finding net take-home pay involves subtracting applicable taxes from gross income, similar to the example provided where a bi-weekly paycheck of $1,500 becomes $1,000 after tax deductions.