Question

Compute the Gross Pay and then the Net Pay for the following situations


4. Total Hours Worked: 42
Regular Pay Rate: $8.00/hour
Federal Tax Withheld: $38.00
FICA Withheld: 6.2%
Medicare Withheld: 1.45%
Georgia Tax Withheld: $12.00
Health Insurance: $15.00
401K Contribution: $20.00

Answer 1

@sammixboo

Answer 2

do you know how to do this ma'am ? @sammixboo

Answer 3

@ganeshie8

Answer 4

@Mehek14

Answer 5

@jim_thompson5910

Answer 6

Gross Pay = (# of hours worked)*(wage)

wage = amount paid per hour

Answer 7

Gross pay is the amount of money BEFORE taxes and other things are deducted from the pay

Net pay is the amount of money AFTER taxes and other deductions

Answer 8

can you help me with the first part please like start me off @jim_thompson5910

Answer 9

what did you get for the gross pay

Answer 10

how do i get the gross pay it looks confusing like what is the formul ? @jim_thompson5910

Answer 11

I gave it to you

Gross Pay = (# of hours worked)*(wage)

Answer 12

take the number of hours worked and multiply it by the wage

Answer 13

of course, this isn't considering overtime but we won't worry about that

Answer 14

so i multiply 42 by 8 ?

Answer 15

@jim_thompson5910

Answer 16

correct

Answer 17

which is 336

Answer 18

sir @jim_thompson5910

Answer 19

correct

Answer 20

gross pay = $336

Answer 21

All of this shown below

`Federal Tax Withheld: $38.00`
`FICA Withheld: 6.2%`
`Medicare Withheld: 1.45%`
`Georgia Tax Withheld: $12.00`
`Health Insurance: $15.00`
`401K Contribution: $20.00`

will be the taxes and deductions taken out of the gross pay

Answer 22

do you see how to add up all that?

Answer 23

yes i have to add all of them to get the net pay sir ? @jim_thompson5910

Answer 24

so what do you get when you add them all up (ignore the percentages for now)

Answer 25

i got 85.765 is that correct sir ?

Answer 26

ignore the percentages for now

Answer 27

Federal Tax Withheld: $38.00

Georgia Tax Withheld: $12.00
Health Insurance: $15.00
401K Contribution: $20.00

Answer 28

70 sir @jim_thompson5910

Answer 29

no

Answer 30

85

Answer 31

Add up these


Federal Tax Withheld: $38.00

Georgia Tax Withheld: $12.00
Health Insurance: $15.00
401K Contribution: $20.00

Answer 32

i got 85 sir

Answer 33

now we consider the percentages

Answer 34

FICA Withheld: 6.2%
Medicare Withheld: 1.45%


6.2% + 1.45% = 7.65%

Answer 35

we will take 7.65% of the gross pay to get 0.0765*336 = 25.704 = 25.70

That means we add 25.70 to 85 to get 25.70+85 = 110.70

Answer 36

$110.70 is the total amount you take out of the gross pay to get the net pay

Net Pay = (Gross Pay) - (Total Deductions)

Net Pay = (336) - (110.70)

Net Pay = 225.30

Answer 37

omg thank you so much you are amazing :)

Answer 38

np

Answer 39

would you mind helping me with others ? @jim_thompson5910

Answer 40

sure, a few more

Answer 41

post it as a new question though

Answer 42

yes i will @jim_thompson5910