Question

Courtney is a senior in college and just started her first job as a sales associate. At her new job, she expects to make about $24,000 per year. She is excited to receive her first paycheck, which is given twice a month. Courtney learns that 15% of her gross pay will be withheld for federal income tax, 4% for state income tax and 6% for Social Security and Medicare taxes. Help Courtney figure out what her take home, or net pay is, and how much she will pay in taxes each paycheck.

State:
Social Security and Medicare:​

Answer 1

Take home $750

Taxes =$250

Step-by-step explanation:

Courtney earns $24,000 per year. She is paid twice per month. One year has 12 months. Courtney will be paid 24 times a year.

Courtney will be paid $24,000/ 24 times per paycheck

=$1000

Her deductions will be

1. Federal income tax 15% of 1000

=15/100 x $1000

=$150

2. State income tax

=$4% of 1000

=4/100 x 1000

=$40

3. Social security and medicare

=6% of 1000

=6/100 x 1000

=$60

take home will be gross pay - total deductions

=$1000-($150+$40+$60)

=$1000 -$250

=$750

Total taxes per pay check =$250