Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A sales clerk's take-home pay is found by subtracting all taxes and retirement contributions from gross pay (which consists of salary plus commission). Given the
A sales clerk's take-home pay is found by subtracting all taxes and retirement contributions from gross pay (which consists of salary plus commission). Given the following information, complete parts (a)-(c) Salary = $400.00 $400.00 Commission $940.16 Retirement 5% of gross pay Taxes: State = 5% of gross pay, Local = 1% of gross pay Federal withholding = 25% of (gross pay less retirement) Federal social security and Medicare 7.65% of gross pay (a) Find the gross pay. $ 1,340.16 (b) Find the amount of federal withholding. (Round your answer to the nearest cent.) $ x (c) Find the take-home pay. (Round your answer to the nearest cent.) $ x Need Help? Read It Watch It
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started