You earn $420 per week. You pay social security taxes of 7.65%, federal taxes of 22%, and state taxes or 5.96%. What is your take home pay?
First, calculate the total amount of taxes you pay:
Social security tax: 7.65% of $420 = $32.13
Federal tax: 22% of $420 = $92.40
State tax: 5.96% of $420 = $25.03
Total taxes: $32.13 + $92.40 + $25.03 = $149.56
Subtract total taxes from your weekly earnings to find your take-home pay:
Take-home pay = $420 - $149.56 = $270.44
Your take-home pay is $270.44 per week.