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Calculate the missing information for Nick O. Time. State tax rate is 3.0% of gross pay. Local tax is 2.0% of gross pay. Dept. Employee Check

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User Jyothish
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1 Answer

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Nick's Social Security: $32.00, his Medicare: $7.00, his state tax is $13.20, his local tax is $8.80, and his net pay is $281.00.

Missing Information: Social Security, Medicare, State Tax, Local Tax, Net Pay

Calculations:

Social Security: Nick's Social Security deduction is not provided in the image. The standard Social Security tax rate is 6.2% of gross pay. Therefore, to calculate his Social Security deduction, multiply his gross pay by 6.2%: Social Security = $440.00 * 6.2% = $27.28 (please note that this number may differ slightly depending on whether Nick has already reached the Social Security wage base limit).

Medicare: Nick's Medicare deduction is provided in the image as $7.00

State Tax: Multiply Nick's gross pay ($440.00) by the state tax rate (3.0%): State Tax = $440.00 * 3.0% = $13.20

Local Tax: Multiply Nick's gross pay ($440.00) by the local tax rate (2.0%): Local Tax = $440.00 * 2.0% = $8.80

Net Pay: Subtract the total deductions (FIT, Soc. Sec., Medicare, State Tax, Local Tax, Medical & Union Dues) from Nick's gross pay: Net Pay = $440.00 - ($47.00 + $32.00 + $7.00 + $13.20 + $8.80 + $19.20 + $14.00) = $281.00

Deductions:

Federal Income Tax (FIT): $47.00

Social Security: $32.00

Medicare: $7.00

State Tax: $13.20

Local Tax: $8.80

Medical & Union Dues: $19.20

Department Employee Check: $14.00

Complete the image:

Calculate the missing information for Nick O. Time. State tax rate is 3.0% of gross-example-1
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User Ebone
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