question 3 of 10: you earn $420 per week. you pay social security taxes of 7.65%, federal taxes of 22%, and…

question 3 of 10: you earn $420 per week. you pay social security taxes of 7.65%, federal taxes of 22%, and state taxes of 5.95%. what is your take - home pay?\na) $234.65\nb) $243.99\nc) $265.43\nd) $270.48

question 3 of 10: you earn $420 per week. you pay social security taxes of 7.65%, federal taxes of 22%, and state taxes of 5.95%. what is your take - home pay?\na) $234.65\nb) $243.99\nc) $265.43\nd) $270.48

Answer

Explanation:

Step1: Calculate total tax rate

$7.65%+22% + 5.95%=35.6%$

Step2: Calculate take - home pay rate

$100%-35.6% = 64.4%$

Step3: Calculate take - home pay

$420\times0.644 = 265.48$

Answer:

None of the above options are correct. The correct take - home pay is $265.48$.