Jeff Jones earns$1200 per week. He is married and claims four withholding allowances. The FICArate is as follows 1.45%. To date his cumulative wages are $6000. Each paycheck, his employer also deducts $42.50 for health insurance. What is his net pay?

Well, let's do some calculations and see what we come up with.

First, we'll calculate the FICA tax deduction. Since Jeff's weekly salary is $1200 and the FICA rate is 1.45%, we can multiply $1200 by 0.0145 to get $17.40.

Next, let's calculate the health insurance deduction. Jeff's employer deducts $42.50 from each paycheck.

So, to find Jeff's net pay, we have to deduct the FICA tax, the health insurance deduction, and the cumulative wages that have already been paid.

Net pay = $1200 - $17.40 - $42.50 - $6000

You might want to double-check my math, but according to my calculations, Jeff's net pay should be an empty wallet and a sad clown face.

To calculate Jeff Jones' net pay, we need to calculate the federal income tax, FICA tax, and health insurance deduction, and subtract those from his gross pay.

1. Calculate federal income tax:
From the given information, we don't have enough details to calculate Jeff Jones' federal income tax. We would need to know his filing status, deductions, and any other relevant information.

2. Calculate FICA tax:
FICA tax is calculated by multiplying the FICA rate (1.45%) by the cumulative wages.
FICA tax = FICA rate * Cumulative wages
FICA tax = 1.45% * $6000
FICA tax = $87

3. Calculate health insurance deduction:
Jeff's employer deducts $42.50 for health insurance from each paycheck.

4. Calculate net pay:
Net pay is calculated by subtracting federal income tax, FICA tax, and health insurance deduction from the gross pay.
Net pay = Gross pay - Federal income tax - FICA tax - Health insurance deduction

Since we don't have enough information to calculate the federal income tax, we can't determine Jeff Jones' net pay with the given details.

To calculate Jeff Jones' net pay, we need to consider several factors. Let's break it down step by step.

1. Calculate the FICA tax:
- FICA tax rate is 1.45%
- Cumulative wages to date are $6000
- FICA tax = (Cumulative wages * FICA tax rate)
= ($6000 * 1.45%)
= $87

2. Subtract the FICA tax from the gross pay:
- Gross pay per week is $1200
- Net pay before deductions = Gross pay - FICA tax
= $1200 - $87
= $1113

3. Deduct the health insurance premium:
- Health insurance premium deduction per paycheck is $42.50
- Net pay after health insurance deduction = Net pay before deductions - health insurance premium
= $1113 - $42.50
= $1070.50

Therefore, Jeff Jones' net pay is $1070.50.

Q=Jeff Jones earns $1,200 per week. He is married and claims four (4) withholding allowances. The FICA rate is as follows: Social Security rate is 6.2% on $97,500; Medicare rate is 1.45%. To date his cumulative wages are $6,000. Each pay check, his employer also deducts $42.50 for the health Insurance. What is his net pay? (Calculate FIT by percentage method)

Gross earnings $1,200 weekly
Total deductions = $42.50 Health insurance
+1.45% of weekly salary=1.45%=0.0145*1,200=17.40
+6.2%=0.062X1200=74.40 Social Security
=42.50+17.40+74.40=$134.30
FIT = $17.40+74.40*2=$183.60
Answer: Net pay = $1,200-$134.30=$1,065.70