You earn $1,200 during the current pay period and your year-to-date earnings are

Question

You earn $1,200 during the current pay period and your year-to-date earnings are $4,000. The social security tax rate is 6.2% on the first $118,500 and the Medicare rate is 1.45%. The federal income tax withholdings on this paycheck is 15% and the state income tax withholding is 5%. Round all answers to the nearest cent A) How much social security tax is withheld from your paycheck? B) How much medicare tax is withheld from your paycheck? C) How much federal income tax is withheld from your paycheck? D) How much state income tax is withheld from your paycheck? E) What is the total amount withheld from this paycheck? F What is the net pay (take home pay) that you will receive from this paycheck?

Explanation / Answer

A Social security withheld = 1200*6.2%= $74.4 B Medicare tax withheld = 1200*1.45%= $17.4 C Federal income tax = 1200*15%= $180 D State income tax = 1200*5%= $60 E Total amount withheld = 74.4+17.4+180+60= $331.8 F Net pay = 1200-331.8= $868.2

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