You decide to work part-time at a local supermarket. The job pays $8.50 per hour

Question

You decide to work part-time at a local supermarket. The job pays $8.50 per hour and you 5 65% for FICA taxes, and 3% for state taxes Complete parts (a) through m below work 19 hours per week Your employer withholds 10% of your gross pay for federal taxes a. What is your weekly gross pay? The weekly gross pay is S Round to the nearest cent as needed) b. How much is withheld per week for federal taxes? The federal taxes are S? (Round to the nearest cent as needed) c. How much is withheld per week for FICA taxes? The FICA taxes are s (Round to the nearest cent as needed.) d. How much is withheld per week for state taxes? The state taxes are $ Round to the nearest cent as needed)

Explanation / Answer

a. Weekly gross pay = $8.50 x 19 hours = $161.50

b. Federal taxes withheld per week = $161.50 x 10% = $16.15

c. FICA taxes withheld per week = $161.50 x 5.65% = $9.12

d. State taxes withheld per week = $161.50 x 3% = $4.85

e. Weekly net pay = $161.50 - $16.15 - $9.12 - $4.85 = $131.38

f. Percentage of gross pay withheld for taxes = ($16.15 + $9.12 + $4.85)/$161.50 = $30.12/$161.50 = 18.65%

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