business finance

Jeff Jones earns $1,200 per week. He is married and claims four 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 paycheck, his employer also deducts $42.50 for health insurance. What is his net pay? (Calculate FIT by the percentage method

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  1. 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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