Suppose you just got a new part-time job that pays $100 every two weeks. Your friends...

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Suppose you just got a new part-time job that pays $100 every two weeks. Your friends have told you about the shock of getting their first paycheck and the taxes that were withheld from their total earnings. You want to prepare yourself by figuring out how much will be left after all the taxes are taken out. Calculate your take-home pay by deducting the amount that will be withheld from each paycheck based on the following withholding rates: • Federal income tax-10 percent • Social Security tax-6.2 percent • Medicare tax-1.45 percent Suppose you just got a new part-time job that pays $100 every two weeks. Your friends have told you about the shock of getting their first paycheck and the taxes that were withheld from their total earnings. You want to prepare yourself by figuring out how much will be left after all the taxes are taken out. Calculate your take-home pay by deducting the amount that will be withheld from each paycheck based on the following withholding rates: • Federal income tax-10 percent • Social Security tax-6.2 percent • Medicare tax-1.45 percent

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To calculate your takehome pay after taxes you need to subtract th... View the full answer