Question: Using the chart below, answer the following questions. Amount/Gross Earnings Dependents Deductions 0 1 2 3+ Federal tax single 9% 8.5% 8.0% 7.5% Federal tax

Using the chart below, answer the following questions.

Amount/Gross Earnings

Dependents

Deductions 0 1 2 3+

Federal tax single 9% 8.5% 8.0% 7.5%

Federal tax married 11% 10.5% 9.5% 9.0%

State tax single 6% 5.5% 5% 4.5%

State tax married 8% 7.5% 7% 6.5%

Medicare tax 2%

Workers compensation 0.6325%

Insurance benefits single $45.50

Insurance benefits family $95.78

Use the above chart and the following information to determine the net pay.

Wage: $24.75/hour

Hours worked: 80 per 2-week pay period

Deductions: married, two dependents, family insurance

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!