Your gross pay is $2,759.00. Your involuntary deductions are FICA (7.65%), federal withholding (12%), and state withholding (7%). How much are you allowed for housing and fixed expenses?

PLEASE EXPLAIN HOW TO COMPLETE NOT JUST ANSWER!! THANKS

Question

Your gross pay is $2,759.00. Your involuntary deductions are FICA (7.65%), federal withholding (12%), and state withholding (7%). How much are you allowed for housing and fixed expenses?

PLEASE EXPLAIN HOW TO COMPLETE NOT JUST ANSWER!! THANKS

luffingsails · Answer

Seems like you are just figuring out how much take home pay is. In that case, you would add up all the deductions (percentages) and take that amount from your paycheck. What is left would be take home.

hayze12 · Answer

Thank but i know that im talking about like how do i actually do the problem

luffingsails · Answer

Right, so add up all of the deductions.

7.65% + 12% + 7% = 26.65%

Take your gross pay and multiply it by that number. That will give you how money is taken from your check.

2759 * .2665 = deductions.

Gross pay - deductions = take home.