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Gross Pay vs. Net Pay
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Luce is single and making $763 biweekly. She claims no federal withholding allowances. If the state tax is 19% of the federal tax, how much in state tax does Luce contribute?
$16.34
Gary earned a gross pay of $1,047.30 last week. Using the fact that Social Security tax is 6.2% of gross pay, determine the amount of Social Security tax deducted from Gary's gross pay.
NOT $83.78
Mario has gross biweekly earnings of $784.21. By claiming 1 more withholding allowance, Mario would have $13 more in his take home pay. How many withholding allowances does Mario currently claim?
NOT 6
Fed. with: $98.00
Soc. with: $52.88
Med care: $12.37
State with: $22.54
What is the employee's gross pay?
$852.96
A single person earns a gross biweekly salary of $840 and claims 5 exemptions. What is the person's net pay.
It is $13 less than the gross pay.
Marquis has a gross pay of $816. By how much will his gross pay be reduced if Marquis has the following items withheld?
Federal tax of $92
Social Security tax that is 6.2% of his gross pay
Medicare tax that is 1.45% of his gross pay
State tax that is 22% of his federal tax
$174.66
Deductions
Any item or expense subtracted from gross income is defined as a deduction.
Income taxes
Income taxes are taxes on income levied by the government for both individuals and companies.
Net pay
Net pay is the amount received by an employee after deductions.
Withholding allowances
Allowances that reduce the amount of taxes levied on income for both the individual and company is commonly referred to as withholding allowances.
Gross pay
Gross pay is the amount of income before taxes or expenses.
The total amount of deductions from an employee's gross pay is $97.45. If the gross pay is $423.70, what percent of their gross pay is being withheld?
23%
Luis has a biweekly gross pay of $770 and claims 2 federal withholding allowances. Luis has all of the following deductions from his gross pay:
Social Security tax that is 6.2% of his gross pay
Medicare tax that is 1.45% of his gross pay
state tax that is 19% of his federal tax
Determine how Luis' net pay will be affected if he increases his federal withholding allowances from 2 to 3.
His net pay will increase by $22.61.
Molly has biweekly gross earnings of $839.52. By claiming 1 more withholding allowance, Molly would have $16 more in her take home pay. How many withholding allowances does Molly currently claim?
3
Jasmine has a gross pay of $754.80. By how much will Jasmine's gross pay be reduced if she has the following items withheld?
Federal tax of $31
Social Security tax that is 6.2% of her gross pay
Medicare tax that is 1.45% of her gross pay
State tax that is 18% of her federal tax
$94.32
Mary Liz claims single having no exemptions. Her state tax deduction is 18% of her federal tax contribution. Calculate the amount of state tax Mary Liz owes if her gross pay for two weeks is $800.
$16.56
What is the employee's gross pay?
Net pay: $596.80
Deductions: $130
$726.80
Raquel has gross pay of $732 and federal tax withholdings of $62. Determine Raquel's net pay if she has the additional items withheld:
Social Security tax that is 6.2% of her gross pay
Medicare tax that is 1.45% of her gross pay
state tax that is 21% of her federal tax
$600.99
Martha earned a gross pay of $1,215.60 last week. Using the fact that Social Security tax is 6.2% of gross pay, determine the amount of Social security tax deducted from Martha's gross pay.
$75.37
How will the federal tax affect a gross biweekly pay of $740 for a single person claiming 1 exemption?
It decreases gross pay by $65.
Bonnie claims single with 2 federal withholding allowances, and contributes state tax of 20% of her federal tax. Below is a copy of Bonnie's biweekly statement of earnings. Bonnie knows that her gross earnings and federal tax are correct, but she thinks that her net pay is not correct.
Using the fact that Social Security is 6.2% and Medicare is 1.45% of gross pay, explain why the given net pay is not correct. Determine how the error can be corrected, and what the net pay should be.
The amount of Medicare tax has been calculated incorrectly. The Medicare tax should be $11.02, not $110.20. The actual net pay should be $641.86.
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