If you have 15% withheld for federal taxes, 10% for state taxes, and FICA is a 7.65%, how much are your involuntary withholdings in all if your gross pay is $1,575.00 and your net income is $925.00? (1 point) Responses $514.24 $514.24 $302.01 $302.01 $120.49 $120.49 $70.76
To calculate the involuntary withholdings, we need to find out how much is being withheld for federal taxes, state taxes, and FICA.
Given:
Gross pay: $1,575.00
Net income: $925.00
First, let's find the total amount of money withheld for federal taxes:
Federal tax withholding: 15%
Federal tax withheld = 15% * Gross pay
Federal tax withheld = 0.15 * $1,575.00
Federal tax withheld = $236.25
Next, let's find the total amount of money withheld for state taxes:
State tax withholding: 10%
State tax withheld = 10% * Gross pay
State tax withheld = 0.10 * $1,575.00
State tax withheld = $157.50
Now, let's find the total amount of money withheld for FICA:
FICA withholding: 7.65%
FICA withheld = 7.65% * Gross pay
FICA withheld = 0.0765 * $1,575.00
FICA withheld = $120.49
Finally, let's find the total involuntary withholdings by adding up all the amounts withheld:
Total involuntary withholdings = Federal tax withheld + State tax withheld + FICA withheld
Total involuntary withholdings = $236.25 + $157.50 + $120.49
Total involuntary withholdings = $514.24
So, the total amount of involuntary withholdings is $514.24.