Employee Net Pay Todd Thompson\'s weekly gross earnings for the week ended May 2

Question

Employee Net Pay

Todd Thompson's weekly gross earnings for the week ended May 23 were $1,400, and his federal income tax withholding was $247.90. Assuming the social security rate is 6% and Medicare is 1.5% of all earnings, what is Thompson's net pay? If required, round your answer to two decimal places.
$ hghj

Todd Thompson's weekly gross earnings for the week ended May 23 were $1,400, and his federal income tax withholding was $247.90. Assuming the social security rate is 6% and Medicare is 1.5% of all earnings, what is Thompson's net pay? If required, round your answer to two decimal places. $ hghj

Explanation / Answer

Social tax deduction = 6% * $1,400 =$ 84

Medicare deduction = 1.5% * $1,400 = $21

Federal tax withholding = $247.90

Thompson's net pay = $1,400 - ($247.90 + $84 + $21) = $1,400 - 352.9 = $1047.1

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