g George's gross pay for the week is $800. George's deduction for federal income tax is based on a rate of 15%. He has a weekly medical insurance deduction of $50. His yearly pay is under the limit for OASDI. His FICA Social Security rate is 6.2% and his FICA Medicare rate is 1.45%. What is the amount of George's net pay?

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Business

Rowan Hodge

12 May, 02:07

g George's gross pay for the week is $800. George's deduction for federal income tax is based on a rate of 15%. He has a weekly medical insurance deduction of $50. His yearly pay is under the limit for OASDI. His FICA Social Security rate is 6.2% and his FICA Medicare rate is 1.45%. What is the amount of George's net pay?

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Answers (1)

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Helen Forbes · Answer 1

The amount of George's net pay is $568.8 per week.

Explanation:

Because George's yearly pay is under the limit for OASDI, he don't bear the income tax either.

Rate Amount

Gross pay $800.0

Personal deduction 15% $120.0

Medical insurance deduction $50.0

FICA Social Security 6.20% $49.6

FICA Medicare 1.45% $11.6

Income Before Tax $568.8

Taxation 0% $0

Net Pay $568.8