Question
I just got hired by a language school to teach ESL classes. I get paid $25.00 per hour. I teach 10 hours per week. Therefore,
I just got hired by a language school to teach ESL classes. I get paid $25.00 per hour. I teach 10 hours per week. Therefore, I agreed to a weekly salary of S250.00 teaching 10 hours per week. get deducted from my paycheck 15% in federal taxes. 5% for social security, 1% for Medicare, and I donate $15.00 from each paycheck to a non-profit organization. Assuming I will work 48 weeks, what are my monthly and yearly net income after deductions? Weeklv Gross income= $250 Gross income: 48 weeks X $250 = $12.000 Federal taxes: 15% Social Security: 5% Medicare: 1% Donations: $15.00 The month of May has 4 weeks (more or less) my gross income was $1000 dollars. I did the following calculations, and it seems that I am not being paid the right net income. $250 X 4 weeks = $1000 Federal tax deductions: S1000 X 15% =$150 Social Security deductions: S1000 X 5% = S50 Medicare deductions: $1000 X 1% = 10 Donation deductions: $15.00 Total monthly net income I calculated = $775.00 Yearlv net income: $775 X 12 months= $9.300 But my paycheck for the month of May has a net income of $730.00 I think the school is miscalculating my salary because I am short $45.00 in the month of May. Am I right? If I am not right, please show your work/calculations and tell me where I made the error in mv calculations. Thank you.
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