Ginny Jones receives $624 gross salary biweekly. Her income tax rate is 14%. Her group health plan contribution is $4.25 per pay period. She belongs to the company retirement plan, to which she contributes 6% of her earnings. She is also covered under Social Security benefits. Her current contribution is 6.05%.

To calculate Ginny's net salary, we need to deduct the following from her gross salary:

1. Income tax:
Ginny's income tax rate is 14%. To find the amount of income tax she pays biweekly:
Income tax = (Gross salary * Income tax rate) / Pay periods in a year
Since Ginny receives her salary biweekly, there are 26 pay periods in a year:
Income tax = (624 * 0.14) / 26

2. Group health plan contribution:
Ginny contributes $4.25 per pay period to the group health plan.

3. Retirement plan contribution:
Ginny contributes 6% of her earnings to the company retirement plan.

4. Social Security contribution:
Ginny contributes 6.05% of her earnings to Social Security.

Now, let's calculate each deduction:

Income tax = (624 * 0.14) / 26
Group health plan contribution = $4.25
Retirement plan contribution = (624 * 0.06)
Social Security contribution = (624 * 0.0605)

To find Ginny's net salary, deduct the sum of the deductions from her gross salary:

Net salary = Gross salary - (Income tax + Group health plan contribution + Retirement plan contribution + Social Security contribution)

To calculate Ginny Jones' net salary after various deductions, we'll break down each deduction step by step.

1. Calculate the income tax deduction:
Ginny's gross salary is $624 biweekly, and her income tax rate is 14%. To calculate how much she owes in income tax per pay period, we multiply her gross salary by the tax rate:

Income tax deduction = $624 * 0.14 = $87.36

2. Calculate the group health plan contribution deduction:
Ginny's group health plan contribution is $4.25 per pay period. This deduction does not depend on her salary:

Group health plan deduction = $4.25

3. Calculate the retirement plan contribution deduction:
Ginny contributes 6% of her earnings to the company retirement plan. To calculate this deduction, we multiply her gross salary by 0.06:

Retirement plan deduction = $624 * 0.06 = $37.44

4. Calculate the Social Security contribution deduction:
Ginny's current contribution rate for Social Security is 6.05%. To calculate this deduction, we multiply her gross salary by the contribution rate:

Social Security deduction = $624 * 0.0605 = $37.74

Now, let's calculate Ginny's overall deductions:

Total deductions = Income tax deduction + Group health plan deduction + Retirement plan deduction + Social Security deduction
= $87.36 + $4.25 + $37.44 + $37.74
= $166.79

Finally, we can calculate Ginny's net salary by subtracting the total deductions from her gross salary:

Net salary = Gross salary - Total deductions
= $624 - $166.79
= $457.21

Therefore, Ginny's net salary after deducting income tax, group health plan contribution, retirement plan contribution, and Social Security contribution is $457.21.

Do you have a question about these figures?

Need help with this same problem ugh.