Fran Mallory is married, claims five withholding allowances, and earns $3,500 (gross) per month. In addition to Federal income tax (FIT), social security, and Medicare withholding, Fran pays 2.1% state income tax, and ½% for state disability insurance (both based on her gross income), plus an additional $43.11 for life insurance and $72.30 to the credit union. As payroll manager for Fran’s company, calculate her net take-home pay per month

To calculate Fran Mallory's net take-home pay per month, we need to deduct various withholdings from her gross income. Here's a step-by-step breakdown:

Step 1: Calculate Federal Income Tax (FIT) withholding
- Determine Fran's taxable income by subtracting allowances from her gross income: $3,500 - (5 x $4,300) = $3,500 - $21,500 = $−18,000 (negative value means no taxable income)
- Since Fran has no taxable income, her FIT withholding is $0.

Step 2: Calculate Social Security withholding
- Multiply Fran's gross income by the Social Security tax rate (6.2%): $3,500 x 0.062 = $217.

Step 3: Calculate Medicare withholding
- Multiply Fran's gross income by the Medicare tax rate (1.45%): $3,500 x 0.0145 = $50.75.

Step 4: Calculate State Income Tax withholding
- Multiply Fran's gross income by the state income tax rate (2.1%): $3,500 x 0.021 = $73.50.

Step 5: Calculate State Disability Insurance withholding
- Multiply Fran's gross income by the state disability insurance rate (0.5%): $3,500 x 0.005 = $17.50.

Step 6: Subtract additional deductions
- Subtract the deductions for life insurance ($43.11) and credit union ($72.30) from the gross income: $3,500 - $43.11 - $72.30 = $3,384.59.

Step 7: Calculate the net take-home pay per month
- Sum up all the withholdings and subtract them from the adjusted gross income: $3,384.59 - $0 (FIT) - $217 (Social Security) - $50.75 (Medicare) - $73.50 (state income tax) - $17.50 (state disability insurance) = $3,025.84.

Therefore, Fran Mallory's net take-home pay per month is $3,025.84.

To calculate Fran Mallory's net take-home pay per month, we need to calculate the various deductions from her gross income. Let's break down the calculation step by step:

1. Start with Fran's gross income per month, which is $3,500.

2. Calculate the Federal income tax (FIT) withholding based on her marital status and number of allowances. To do this, you will need the current tax tables or tax calculator provided by the Internal Revenue Service (IRS). Subtract the FIT withholding from Fran's gross income.

3. Calculate the social security withholding. The current social security tax rate is 6.2% of the gross income, up to a maximum income limit. Multiply Fran's gross income by 6.2% and subtract it from the previous result.

4. Calculate the Medicare withholding. The current Medicare tax rate is 1.45% of the gross income. Multiply Fran's gross income by 1.45% and subtract it from the previous result.

5. Calculate the state income tax withholding. The state tax rate is 2.1% of the gross income. Multiply Fran's gross income by 2.1% and subtract it from the previous result.

6. Calculate the state disability insurance withholding. The rate is 0.5% of the gross income. Multiply Fran's gross income by 0.5% and subtract it from the previous result.

7. Subtract the amount for life insurance and the credit union from the previous result. Subtract $43.11 for life insurance and $72.30 for the credit union.

The final result will be Fran Mallory's net take-home pay per month after all deductions.

Note: The rates and deductions mentioned above are examples and may not reflect the current rates for your location. Please refer to the applicable tax laws and regulations in your area for accurate calculations.