question 19 (4 points)\nyour gross pay is $962.05 on a weekly basis. your deductions are listed below.\n…

question 19 (4 points)\nyour gross pay is $962.05 on a weekly basis. your deductions are listed below.\n. 10% withholding for federal income tax\n. 7.65% for social security and medicare taxes\n. $42.42 health insurance cost (pre - tax)\n. $75 contribution to a 401(k) retirement fund (pre - tax)\nwhat is your weekly net pay?\nenter the dollar amount rounded to the nearest cent.\nyour answer:\n\nanswer\n\nquestion 20 (4 points)\nyou earn an annual salary of $76,780.48. calculate the amount of your gross pay if you are paid semi - monthly (two times per month).\nenter the dollar amount rounded to the nearest cent.\nyour answer:\n\nanswer

question 19 (4 points)\nyour gross pay is $962.05 on a weekly basis. your deductions are listed below.\n. 10% withholding for federal income tax\n. 7.65% for social security and medicare taxes\n. $42.42 health insurance cost (pre - tax)\n. $75 contribution to a 401(k) retirement fund (pre - tax)\nwhat is your weekly net pay?\nenter the dollar amount rounded to the nearest cent.\nyour answer:\n\nanswer\n\nquestion 20 (4 points)\nyou earn an annual salary of $76,780.48. calculate the amount of your gross pay if you are paid semi - monthly (two times per month).\nenter the dollar amount rounded to the nearest cent.\nyour answer:\n\nanswer

Answer

Explanation:

Step1: Calculate federal income tax deduction

The federal income - tax deduction is 10% of the gross pay. So, $962.05\times0.10 = 96.205$.

Step2: Calculate Social Security and Medicare tax deduction

The Social Security and Medicare tax deduction is 7.65% of the gross pay. So, $962.05\times0.0765=73.696825$.

Step3: Calculate total deductions

The total of pre - tax deductions is $42.42 + 75=117.42$. The total tax - related deductions are $96.205+73.696825 = 169.901825$. The total deductions are $117.42+169.901825 = 287.321825$.

Step4: Calculate net pay

The net pay is the gross pay minus the total deductions. So, $962.05−287.321825 = 674.728175\approx674.73$.

Answer:

$674.73$

Explanation for Question 20:

Step1: Determine the number of pay - periods in a year

Since you are paid semi - monthly (twice a month), the number of pay - periods in a year is $12\times2 = 24$.

Step2: Calculate semi - monthly gross pay

To find the semi - monthly gross pay, divide the annual salary by the number of pay - periods. So, $\frac{76780.48}{24}=3199.186667\approx3199.19$.

Answer:

$3199.19$