Question

Baker Green’s weekly gross earnings for the week ending December 7 were $2,500, and her federal income tax withholding was $525. Prior to this week Green had earned $98,000 for the year. Assuming the social security rate is 6% and Medicare is 1.5%, what is Green’s net pay?

Answer 1

The green net pay In the financial industry, gross earnings are also known as gross profit or gross income. The term can mean many things depending on how it is used, as was mentioned above.

Washington received $2,564.28 in net compensation.Steven Washington's gross pay for the week ending March 9 was $3,340, and her federal income tax withholding was $567.80. Assuming that the rates of social security and Medicare taxes are 6% and 1.5%, respectively, of all earnings, the following calculation must be made to determine Washington's net pay:

(3,340 - 567.80) x (1 - 0.06 - 0.015) =X 2,772.2 x 0.925 =X\s2,564.28 = X. Is the green net pay.

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