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Janice Wong receives an annual salary of $42,536, which is paid weekly. Her normal work week is 40 hours, and she is paid time and a half for all overtime. She is single and claims two withholding allowances. Her deductions include FICA, Medicare, federal withholding, state disability insurance, state withholding at 4.4%, credit union payments of$125, retirement deductions of $75, association dues of$12, and a Diabetes Association contribution of $25. Find each of the following for a week in which she works 52 hours.
Find the percent of her total gross earnings that she actually receives, rounded to the nearest tenth of a percent. It is amazing how much is withheld, isn’t it?
Solution
VerifiedFirst, lets see the formula we will use to calculate regular weekly earnings:
Annual salary = $42,536
Number of weeks in a year = 52 weeks
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