Question

Given the pay rate, hours worked, tax deductions, and social security deduction, determine the gross earnings, group health insurance (assuming 14% of gross earnings), pension deduction (assuming 6% of gross earnings), total deductions, and net pay. 1. Gross Earnings $21.60 2. Group Health Insurance $360.00 3. Pension Deduction $186.15 4. Total Deductions $50.40 5. Net Pay $173.85

Answer 1

Answer:

Gross Income - $2570 ($21.60*119)

Group Health Insurance - $360 ($2570*0.14)

Pension Deduction- $154 ($2570*0.06)

Total Deduction- $514 ($360 + $154)

Net Pay- $2056 ($2570 - $514)

Explanation:

As the question states given the pay rate and hours worked, No Data of pay rate and hours worked is provided. Gross Earnings are $21.60 which doesn’t seem accurate when compared with Group Health Insurance and Pension figures. However let’s assume the pay rate to be $21.60 and hours worked to be 119 hours then we will have the following results:  

Gross Income - $2570 ($21.60*119)

Group Health Insurance - $360 ($2570*0.14)

Pension Deduction- $154 ($2570*0.06)

Total Deduction- $514 ($360 + $154)

Net Pay- $2056 ($2570 - $514)

I hope this is the type of answer you must be looking for!

Answer 2

Answer:

1. Gross Earnings                   $360

2. Group Health                     $50.40

3. Pension deduction            $21.60

4. Total deductions.              $173.85

5. Net pay                              $186.5

Had to work it out