Question

Please help!!!!


Ginny Jones receives $650 gross salary biweekly. Her income tax rate is 15%. Her group health plan contribution is

$24.50 per pay period. She belongs to the company retirement plan, to which she contributes 6.5% of her earnings. She

is also covered under Social Security benefits. Her current contribution is 7.65%.


If these items are all her deductions, what is her take-home pay per period? ____


Ginny gets a $55 raise per pay period. If her health plan is unchanged, how much of the raise will she have to take

home? ____

Answer 1

• Her take home pay would be $436.025 and $476.05

Given that the gross salary is $650

• 15% income tax = 650 * 0.15 = $97.5
• group health plan = $24.5
• Company retirement = 650 * 0.065 =$42.25
• Social Security = 650 * 0.0765 = $49.725

To get her take home pay, what we have to do is add up all the above calculated charges, and subtract it from the gross salary.

650 - 97.5 - 24.5 - 42.25 - 49.725

Her take home pay is $436.025.

if she gets a $55 raise per pay period, this means that her new gross salary would be $650 + $55 = $705. If we go again, we have

• 15% Income tax = 705 * 0.15 = $105.75
• Group health plan = $24.5
• Company retirement = 705 * 0.065 = $45.825
• Social Security = 705 * 0.0765 = $52.875

Again, to calculate her take home pay, we will add up the above calculated values and subtract from the gross pay.

705 - 52.875 - 45.825 - 24.5 - 105.75

Her take home pay is $476.05

to learn more about calculation of salary percentage, read https://brainly.com/question/20392489

Answer 2

Answer:

Take-home pay per period: $436.03

After $55 per pay period: $38.96

Step-by-step explanation: