Assume that Josh earns $48 per hour and he worked 40 hours this week. The Social...

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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

business accounting

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Answer 1

Answer #1

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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Answer 2

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