Business, 09.04.2020 00:14 princessmnicole2

Assume you’ve taken a job that pays $15 an hour. You will work 20 hours a week and be paid every two weeks. Perform online research to determine your tax liability. Describe your paycheck deductions and calculate each amount to arrive at your final net pay.

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Answer from: garcikyl000

Net Bi weekly pay is $519

Explanation:

Calculation of weekly pay

Given

No of hours 20

Per hour pay $15

Weekly pay = 15 x 20

=$300

Payment received is bi weekly so it is $600 for two weeks.

Calculation of bi weekly net pay

Federal income tax rate (600 x 4.87%) $29

State income tax rate (570 x 1.04%) $6

FICA and state insurance taxes (564 x 7.65%) $46

Total deductions $81

Net pay = Bi weekly salary - deductions

=600-81

=$519

Net Bi weekly pay or take home after deductions is $519

Answer from: BaileyElizabethRay

FOR PLATO USERS.

I earn $15 per hour for 20 hours a week, I will earn $15,600 yearly. I can claim my exemptions as noted on my W-4 form. The Internal Revenue Service announces the allowances per exemptions every year. The current allowance for one exemption for a single person is $3,950. For a spouse, I can claim another exemption of $3,950. I can also claim exemptions for any dependents at $3,950 each.

Suppose my contribution to a 401(k) retirement plan is 10 percent:

$15,600 – $1,560 = $14,040

I am single, so I claimed one exemption on my W-4 form, which I submitted to my employer:

$14,040 – $3,950 = $10,090

Thus, my gross income (minus exemptions and deductions) is $10,090.

Now I will calculate the federal income tax, Social Security, and other withholdings based on $10,090. My employer withholds money for federal tax, Social Security tax, and Medicare tax. The federal income tax brackets for 2015 are as follows:

Tax RateTaxable Income Levels

10%$0–$9,225

15%$9,226–$37,450

25%$37,451–$90,750

28%$90,751–$189,300

33%$189,301–$411,500

35%$411,501–$413,200

39.60%

Above $413,200

The tax bracket for my income is 15 percent. However, I am not taxed 15 percent on the entire amount. I will be taxed 10 percent for the first $9,225 dollars earned. Then, I will be taxed 15 percent on the remaining amount:

10 percent of 9,225 = $922.50

15 percent of ($10,090 – $9,225) = $129.75

Total income tax = $1,522.25

Thus, my income minus federal tax ($10,090 – $1,522.25) is $9,037.75.

The Social Security tax is 6.2 percent, and the Medicare tax is 1.45 percent. These taxes are calculated based on my gross income:

6.2 percent of $15,600 = $967.20

1.45 percent of $15,600 = $226.20

Thus, my net pay will be: $9,037.75 – (967.20 + 226.20) = $7,844.35.

Answer from: Quest

turnover

the amount of money taken by a business in a particular period.

Answer from: Quest

Answerprice ceiling;

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