question 21 (4.5 points)\nyour gross pay is $4,762.35 on a monthly basis. your deductions are listed…

question 21 (4.5 points)\nyour gross pay is $4,762.35 on a monthly basis. your deductions are listed below.\n. 12% withholding for federal income tax\n. 7.65% for social security and medicare taxes\n. $403.49 health insurance cost (pre - tax)\n. $125 contribution to a 401(k) retirement fund (pre - tax)\nwhat is your monthly net pay?\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer\nquestion 22 (4.5 points)\nyour gross pay is $5,311.28 on a monthly basis. your deductions are listed below.\n. 10% withholding for federal income tax\n. 7.65% for social security and medicare taxes\n. $405.49 health insurance cost (pre - tax)\n. $200 contribution to a roth ira retirement fund (post - tax)\nwhat is your monthly net pay?\nenter the dollar amount rounded to the nearest cent.\nyour answer:

question 21 (4.5 points)\nyour gross pay is $4,762.35 on a monthly basis. your deductions are listed below.\n. 12% withholding for federal income tax\n. 7.65% for social security and medicare taxes\n. $403.49 health insurance cost (pre - tax)\n. $125 contribution to a 401(k) retirement fund (pre - tax)\nwhat is your monthly net pay?\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer\nquestion 22 (4.5 points)\nyour gross pay is $5,311.28 on a monthly basis. your deductions are listed below.\n. 10% withholding for federal income tax\n. 7.65% for social security and medicare taxes\n. $405.49 health insurance cost (pre - tax)\n. $200 contribution to a roth ira retirement fund (post - tax)\nwhat is your monthly net pay?\nenter the dollar amount rounded to the nearest cent.\nyour answer:

Answer

Explanation:

Step1: Calculate federal income tax deduction for Question 21

$4762.35\times0.12 = 571.482$

Step2: Calculate Social - Security and Medicare tax deduction for Question 21

$4762.35\times0.0765 = 364.219775$

Step3: Calculate total deductions for Question 21

$571.482+364.219775 + 403.49+125=1464.191775$

Step4: Calculate net pay for Question 21

$4762.35 - 1464.191775\approx3298.16$

Step5: Calculate federal income tax deduction for Question 22

$5311.28\times0.1 = 531.128$

Step6: Calculate Social - Security and Medicare tax deduction for Question 22

$5311.28\times0.0765 = 406.31392$

Step7: Calculate total deductions for Question 22

$531.128+406.31392 + 405.49+200=1542.93192$

Step8: Calculate net pay for Question 22

$5311.28 - 1542.93192\approx3768.35$

Answer:

Question 21: $3298.16$ Question 22: $3768.35$