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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

Fran Mallory is married, claims five withholding allowances, and cams $3,500 per month. In addition to social security, Medicare, and FIT, Fran pays 2.1% state income tax, for state disability insurance (both based on gross income), $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 determine

To calculate: The net take-home pay per month of Fran, if Fran is married and earns $3500 per month with 5 withholding allowances.

Explanation

Given Information:

Fran is married and earns $3500 per month with 5 withholding allowances.

Fran pays state income tax of 2.1%, state disability insurance of 0.5%, life insurance of $43.11 and $72.30 to the credit union.

Formula used:

Payroll Deduction,

Net pay= Gross pay Total deductions

Calculation:

Consider the given information, Fran earns $3500 per month.

As the state income tax at 2.1%. Thus,

State income tax=$3500×2.1%=$3500×2.1100=$73.5

As the state disability insurance at 0.5%. Thus,

State disability insurance=$3500×0.5%=$3500×0.5100=$17

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