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

Can anyone please help me with finding both Henry's net pay for

-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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