Question

use the percentage method of withholding to find federal withholding tax, a 6.2% fica rate to find fica tax, and 1.45% to find medicare tax for the following employee. then find the net pay for the employee. the filing status is listed after the name. assume that no employee has earned over $180,000 so far this year.
employee weekly earnings
derma, m filing separately $3425
click the icon to view the table for the percentage method for income tax withholding.
the federal withholding tax is $ 631.24
(round to the nearest cent as needed.)
the fica tax is $ 212.35
(round to the nearest cent as needed.)
the medicare tax is $ 49.66
(round to the nearest cent as needed.)
the net pay is $
(round to the nearest cent as needed.)

Explanation:

Step1: Recall net pay formula

Net pay = Weekly Earnings - (Federal Withholding Tax + FICA Tax + Medicare Tax)

Step2: Identify given values

Weekly Earnings = $3425, Federal Withholding Tax = $631.24, FICA Tax = $212.35, Medicare Tax = $49.66

Step3: Calculate total deductions

Total Deductions = 631.24 + 212.35 + 49.66 = 631.24 + 262.01 = 893.25

Step4: Calculate net pay

Net Pay = 3425 - 893.25 = 2531.75

Answer:

\$2531.75