5.6

Baker Green's weekly gross earnings for the week ending December 7 were $1,600, and her federal income tax withholding was $192. Assuming the social security rate is 6% and Medicare is 1.5%, and all earnings are subject to FICA taxes, what is Green's net pay? Round your answer to the nearest whole dollar. Use the following table to answer the question. Periods 5% 6% 7% 10% 1 0.95238 0.94340 0.93458 0.90909 2 0.90703 0.89000 0.87344 0.82645 0.86384 0.83962 0.81630 0.75132 0.82270 0.79209 0.76290 0.68301 0.78353 0.74726 0.71299 0.62092 6 0.74622 0.70496 0.66634 0.56447 7 0.71068 0.66506 0.62275 0.51316 8 0.67684 0.62741 0.58201 0.46651 9 0.64461 0.59190 0.54393 0.42410 10 0.61391 0.55840 0.38554 0.50835 What is the present value of $32,800 to be received in four years, if the market rate is 10% compounded annually? Round your answer to two decimal places. 3 4 5