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You figured out your gross pay, but you really want to know how much money you will be taking home – which is your net pay. You were informed at your orientation that deductions include federal taxes (15%), FICA (6.0%), and Medicare (1.65%). What is your net pay for one week?

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abiolataiwo2015

Suppose your gross pay for a pay period is $1500. You figured out your gross pay, but you really want to know how much money you will be taking home- which is your net pay. Your net pay for one week is $1,160.25

Using this formula

Net pay=Gross pay - [(Gross pay× Federal taxes)+(Gross pay×FICA)+(Fross pay+ Medicare)]

Let plug in the formula

Net pay=$1,500-[($1,500×15%)+($1,500×6.0%)+($1,500×1.65%)]

Net pay=$1,500-($225+$90+$24.75)

Net pay=$1,500-$339.75

Net pay=$1,160.25

Inconclusion suppose your gross pay for a pay period is $1500. You figured out your gross pay, but you really want to know how much money you will be taking home- which is your net pay. Your net pay for one week is $1,160.25

Learn more here:

https://brainly.com/question/8650774

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