Question: Can anyone please help me with finding both Henry's net pay for the year and biweekly pay? Example is shown below -How to calculate Gross
Can anyone please help me with finding both Henry's net pay for the year and biweekly pay? Example is shown below

-How to calculate Gross and Net income How to calculate federal and state taxes from the gross income -How to calculate FICA from the gross income -How to calculate Bi-Weekly net pay Example: Henry gets $15.25 per hour in a 40 hour work week. He pays $907.50 for federal tax and he pays 12% for the state tax. Calculate and deduct the FICA tax. What is Henry's net pay for the year? What is Henry's pay bi-weekly. Michigan, so Medicare is 1.45 and FlCAis 6.2 How to calculate gross pay: $15.25. X 40 = $610.00 $610.00 x 52 = $31,720.00 yearly gross pay How to calculate federal tax: Federal Income tax is $907.50 $31,700.00 - $907.50 =$38012.50 How to calculate FICA: FICA - $3 6.2% Medicare 1.45% $31,720.00 1: .062 = $1,966.64 How to calculate Net pay: Net pay - deduct all taxes from gross income $31,720.00 907.50 = $30,812.50 - $3,806.40 = $27,006.10 ~ $1966.64 $25,039.46 $459.94 = $24,579.52 Net pay = $24,579.52 How to calculate bi-weekly pay: Biweekly pay 7 26 $24,579.52 7 26 = $945.37 Biweekly pay = $945.37
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