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Do Now…

October 11, 2011. Do Now….

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Do Now…

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  1. October 11, 2011 Do Now… Your annual salary is $28,460. Your state personal deductions total $88.00 for a weekly pay period. The state rate is 3.6 percent of taxable income. The city tax rate is 1.7 percent of gross pay. Medical and group life insurance are paid by the company. Social Security and Medicare are withheld. Union dues are $156 per year. FIT is $67 per pay period. What is your net pay for each weekly pay period? I think I know, check my answer

  2. Statement of Earnings • $28,460 52 = $547.31 • $547.31 - $88.00 = $459.31 • state tax rate 3.6% • $459.31 X .036 = $16.54city tax rate 1.7% • $547.31 X .017 = $9.30 • Soc. Sec rate 6.2% • $547.31 X .062 = $33.93 • Medicare rate 1.45% • $547.31 X .0145 = $7.94 • Union Dues • $156.00 52 = $3.00 State Tax = $16.54 City Tax = $ 9.30 Soc. Sec. = $33.93 Medicare = $ 7.94 Union Dues = $ 3.00 FIT = $67.00 Total Deductions $ 137.71

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