Gerald Knowlton had total gross earnings of $118,200 in the last week of Novembe

Question

Gerald Knowlton had total gross earnings of $118,200 in the last week of November. His earnings for the first week in December were $804.70. His employer uses the percentage method to calculate federal withholding. If Gerald is married, claims two allowances, and has medical insurance of $52.25 deducted each week from his pay, what is his net pay for the week? *Edited to answer the question regarding what year to include the tables used in the book - Practical Business Math Procedures - Slater, 12edition, Table 9.1 and Table 9.2.**

Explanation / Answer

His earnings for the first week of December was $804.70

Medical insurance of $52.25

Two with-holding allowances of $76.90, each.

Tax payable at $35.50 plus 15% over $520, which amounts to $47.30.

Net pay for the week = $(804.70-52.25-76.90-76.90-35.50-11.80) = $551.35

Related Questions

Navigate

• Browse (All)
• Browse G
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.