Question

question 11 (4 points)
your gross pay is $1,753.39 on a biweekly basis. your deductions are listed below.

• 12% withholding for federal income tax
• 7.65% for social security and medicare taxes
• $97.19 health insurance cost (pre - tax)
• $50 contribution to a roth ira retirement fund (post - tax)

what is your biweekly net pay?
enter the dollar amount rounded to the nearest cent.
your answer:
answer

Explanation:

Step1: Calculate federal income tax deduction

$1753.39\times0.12 = 210.4068$

Step2: Calculate Social - Security and Medicare tax deduction

$1753.39\times0.0765 = 134.134335$

Step3: Sum up all deductions

$210.4068+134.134335 + 97.19+50=491.731135$

Step4: Calculate net pay

$1753.39 - 491.731135=1261.658865\approx1261.66$

Answer:

$1261.66$