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Brad Young is married with one withholding, earns $3,600 per month. Brad’s employer pays him on a semimonthly basis. He has two pre-tax deductions: qualified health insurance deductions of $100 per pay and a 5% 401(k) contribution. Brad will pay $157 in federal taxes. What is Brad’s Net pay? Round calculations to 2 decimal places.

social Medicare Federal FICA Federal Employee NameMarried / Single withhold age Grs Insurance Taxable Taxable Wages Wages WH WHİWH|Net Pay

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Answer #1
Federal FICA Federal Social Security Medicare
Employee Name Married/Single # of withhold Wages Gross Insurance 401(k) Taxable Wages Taxable Wages WH WH WH Net Pay
Brad Young Married One $3,600 per month $1,800 per pay $100 per pay 5% $1,610 $1,700 147.96 6.2% 1.45% $1,324.34
Federal Taxable Wages
Gross Pay $1,800
Less: 5% 401(k) contribution $90
Less: Insurance $100
Federal Taxable Wages $1,610
FICA Taxable wages
Gross Pay $1,800
Less: Insurance $100
FICA Taxable wages $1,700
Less: Social security WH $111.60
Less: Medicare WH $26.10
FICA Tax withheld $137.70
Federal Tax withheld $73.20+((1800-1177)*12%)
Federal Tax withheld 147.96
Net pay
Gross Pay $1,800
Less: 5% 401(k) contribution $90
Less: Insurance 100
$1,610
Less:Federal WH 147.96
Less: FICA WH $137.70
$1,324.34
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