Marsha Mellow’s weekly gross earnings for the week ended May 23 were $1,250, and her federal income tax withholding was $201.65. Assuming that the social security rate is 6% and Medicare is 1.5% of all earnings, what is Mellow’s net pay?
Question:
Marsha Mellow’s weekly gross earnings for the week ended May 23 were $1,250, and her federal income tax withholding was $201.65. Assuming that the social security rate is 6% and Medicare is 1.5% of all earnings, what is Mellow’s net pay?
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Edith April 10, 2023 в 13:54Mellow's social security and Medicare contributions can be calculated as 6% + 1.5% = 7.5% of her gross earnings. Therefore, her total deductions for social security and Medicare are 7.5% of $1,250, which is $93.75. To calculate Mellow's net pay, we need to subtract her federal income tax withholding and her contributions to social security and Medicare from her gross earnings: $1,250 (gross earnings) - $201.65 (federal income tax) - $93.75 (social security and Medicare) = $954.60 (net pay) Therefore, Marsha Mellow's net pay for the week ended May 23 is $954.60.
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