3. The gross income of David Vaughn is $785 per week. His deductions are $42.25, FICA tax; $90.33, income tax; 2% state tax; 1% city tax; and 3% retirement fund. What is her net income for one week?
A. $675.32
B. $628.77
[C. $605.32]
D. $749.77
Yes, C
785 * 0.06 = 47.10
785 - (47.1 + 42.25 + 90.33) = 605.32
You're right.
078T645456
Correct
State 15.70
City 7.85
Retirement 23.55
FICA 42.25
Income 90.33
-------
Total Deductions 179.68
785.00 - 179.68 = $605.32
Mary Palm's checking account had a starting balance of $785.63. She wrote a check for $57.00 for groceries and a check for $125.00 for a car payment. Yesterday she deposited $57.25 in her checking account. What is Mary's current balance
To calculate the net income, we need to subtract the deductions from the gross income.
First, let's calculate the deductions. The deductions include FICA tax, income tax, state tax, city tax, and retirement fund.
FICA tax: $42.25
Income tax: $90.33
State tax: 2% of gross income = (2/100) * $785 = $15.70
City tax: 1% of gross income = (1/100) * $785 = $7.85
Retirement fund: 3% of gross income = (3/100) * $785 = $23.55
Now, let's add up all the deductions:
$42.25 + $90.33 + $15.70 + $7.85 + $23.55 = $180.68
Next, subtract the deductions from the gross income:
$785 - $180.68 = $604.32
Therefore, the correct answer is C. $605.32.