question 3 (4 points)\nyour gross pay is $70,603.85 per year. your deductions are listed below.\n. 12%…

question 3 (4 points)\nyour gross pay is $70,603.85 per year. your deductions are listed below.\n. 12% withholding for federal income tax\n. 7.65% for social security and medicare taxes\n. $2,577.90 health insurance cost (pre - tax)\n. $1,825 contribution to a 401(k) retirement fund (pre - tax)\nwhat is your annual net pay?\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer

question 3 (4 points)\nyour gross pay is $70,603.85 per year. your deductions are listed below.\n. 12% withholding for federal income tax\n. 7.65% for social security and medicare taxes\n. $2,577.90 health insurance cost (pre - tax)\n. $1,825 contribution to a 401(k) retirement fund (pre - tax)\nwhat is your annual net pay?\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer

Answer

Explanation:

Step1: Calculate federal income tax deduction

$70603.85\times 0.12 = 8472.462$

Step2: Calculate Social - Security and Medicare tax deduction

$70603.85\times 0.0765 = 5400.194525$

Step3: Calculate total deductions

$8472.462+5400.194525 + 2577.90+1825=18275.556525$

Step4: Calculate net pay

$70603.85 - 18275.556525=52328.293475\approx52328.29$

Answer:

$52328.29$