Mike kohl, an employee of spotswood company, has gross earnings for the month of october of $8,000. fica taxes are 7.65% of gross earnings, federal income taxes amount to $1,270 for the month, state income taxes are 2% of gross earnings, and mike authorizes voluntary deductions of $20 per month to the united fund. what is the net pay for mike kohl?

Question

Mathematics

Amaris Ritter

3 August, 15:09

Mike kohl, an employee of spotswood company, has gross earnings for the month of october of $8,000. fica taxes are 7.65% of gross earnings, federal income taxes amount to $1,270 for the month, state income taxes are 2% of gross earnings, and mike authorizes voluntary deductions of $20 per month to the united fund. what is the net pay for mike kohl?

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Steven Landry · Answer 1

Gross earnings for the month of October: $8,000.

Fica taxes (7.65 %) : $8,000 * 0.0765 = $612.

Federal income taxes: $1,270.

State income taxes (2 %) : $8,000 * 0.02 = $160.

Voluntary deductions : $20.

$8,000 - ($612 + $1,270 + $160 + $20) = $8,000 - $2,062 = $5,938.

Answer: The net pay for Mike Kohl is $5,938.