Question

ssn: xxx - xx - 1234 federal filing: married exemptions: 0 pay type: salary company id: easdf state filing: exemptions: 0 additional tax: additional tax: voucher id check amount gross pay net pay v1359459 $0.00 $1,917.00 $1,260.32 earnings *not included in totals taxes description rate hours dollars ytd hours ytd dollars description current regular 0.00 1,917.00 0.00 44,091.00 soc sec ee 118.85 bonus 0.00 0.00 - 0.00 18,405.39 med ee 27.79 federal wh 154.02 illinois wh 93.90 1) what is lyras gross pay for this pay period? 2) assuming lyras gets paid semi - monthly (twice a month), what is her yearly salary? show work and/or explain how you found your answer. 3) what are total tax deductions for this pay period? 4) what % of lyras gross pay are the total taxes withheld? (round to the nearest whole %). show all work. scroll down to see more ↓

Explanation:

Step1: Identify gross - pay from table

The gross pay for the pay period is directly given in the table as $\$1,917.00$.

Step2: Calculate yearly salary

Since she is paid semi - monthly (2 times a month), there are $2\times12 = 24$ pay periods in a year. Yearly salary = Gross pay per period $\times$ Number of pay periods. So, yearly salary $=1917\times24=\$46,008$.

Step3: Calculate total tax deductions

Sum up the current tax amounts: $118.85 + 27.79+154.02 + 93.90=\$394.56$.

Step4: Calculate percentage of taxes withheld

The percentage of taxes withheld $=\frac{\text{Total tax deductions}}{\text{Gross pay}}\times100=\frac{394.56}{1917}\times100\approx 20.6\%$. Rounding to the nearest whole percent gives $21\%$.

Answer:

1. $\$1,917.00$
2. $\$46,008$ (Calculated as $1917\times24$)
3. $\$394.56$ (Sum of $118.85 + 27.79+154.02 + 93.90$)
4. $21\%$ (Calculated as $\frac{394.56}{1917}\times100$ and rounded to nearest whole percent)