Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The San Bernardino County Fair hires about 120 people during fair time. Their wages range from $5.80 to $7.70. California has a state income tax

image text in transcribed

The San Bernardino County Fair hires about 120 people during fair time. Their wages range from $5.80 to $7.70. California has a state income tax of 9%. Sandy Denny earns $7.70 per hour; George Barney earns $5.80 per hour. They both worked 38 hours this week. Both are married; however, Sandy claims 2 exemptions and George claims 1 exemption. Assume a rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare. a. What is Sandy's net pay after FIT (use the Table 7.1 and Table 7.2), Social Security tax, state income tax, and Medicare have been taken out? (Round your answer to the nearest cent.) b. What is George's net pay after the same deductions? (Round your answer to the nearest cent.) c. How much more is Sandy's net pay versus George's net pay? (Round your answer to the nearest cent.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

A Handbook Of Mutual Fund Investing

Authors: Barry G Dolgin

1st Edition

1456489704, 978-1456489700

More Books

Students also viewed these Finance questions