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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?

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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

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