Assume that Josh earns $48 per hour and he worked 40 hours this week. The Social...
Assume that Josh earns $48 per hour and he worked 40 hours this week. The Social Security rate is 6.2% and the Medicare rate is 1.45%, and his entire earnings are subject to both FICA taxes. Also, $240 in income taxes and $80 of union dues are withheld. Josh’s net take-home pay should be
a. $1,453.12
b. $1,600.00
c. $1,280.00
d. $1,477.60
Homework Answers
| Particulars | Amount | |
| Gross pay ($48*40) | $1,920 | |
| Deductions: | ||
| Social Security rate ($1,920*6.2%) | $119.04 | |
| Medicare rate ($1,920*1.45%) | 27.84 | |
| Income taxes | 240 | |
| Withhold union dues | 80 | 466.88 |
| Josh’s net take-home pay | $1,453.12 |
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