Question

question 15 (4 points)
your gross pay is $2,615.43 on a biweekly basis. your deductions are listed below.
. 10% withholding for federal income tax
. 7.65% for social security and medicare taxes
. $71.57 health insurance cost (pre - tax)
. $100 contribution to a 401(k) retirement fund (pre - 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

$2615.43\times 0.1 = 261.543$

Step2: Calculate Social - Security and Medicare tax deduction

$2615.43\times0.0765 = 199.080395$

Step3: Calculate total deductions

$261.543+199.080395 + 71.57+100=632.193395$

Step4: Calculate net pay

$2615.43 - 632.193395=1983.236605\approx1983.24$

Answer:

$1983.24$