Question

Jerry recently started working for a company that pays him an
annual salary of $42,000 and is paid monthly. How much
should his net monthly paycheck be after the following are
deducted?
• Social Security (6.2%)
• Medicare (1.2%)
• State Income Tax (3%)
• Federal Income Tax (14%)
• Health Insurance costs ($80 per month)

a. $2,625.78 c. $3095.20
b. $2,566.00 d. $3420

Answer 1

Answer:

The correct answer is b, $2566.00.

Step-by-step explanation:

When you subtract each percentage from $3500 (the monthly payment amount) found from dividing $42,000 by 12 months . You get a net payment of $2566.00 after deductions .

Answer 2

Jerry's net monthly paycheck after total deduction is $2566.

It is given that

Annual salary =$42000

Deductions in social security = 6.2%

Deductions in medicare = 1.2%

State income tax = 3%

Federal income tax =14%

Health insurance costs =$80 per month

What is the percentage?

It is the value per hundred.

Monthly salary of jerry = 42000/12 = $3500

Total deduction = (6.2+1.2+3+14) % of 3500 + 80

Total deduction = 24.4% of 3500 + 80 = $934

His net monthly paycheck after total deduction = monthly salary without deductions - deductions

Monthly paycheck = 3500-934 = $2566.

Therefore, Jerry's net monthly paycheck after deductions is $2566.

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