Question
Tony Paycheck earned $ 1 comma 525$1,525 per month as the manager of a recording studio. TonyTony has 2828% of his earnings withheld for federal
Tony
Paycheck earned
$ 1 comma 525$1,525
per month as the manager of a recording studio.
TonyTony
has
2828%
of his earnings withheld for federal income taxes. There are no other amounts withheld except for those required by the federal government. What are the other amounts that must be deducted from
TonyTony's
earnings? Calculate the net amount
TonyTony
will receive on his next paycheck. (Round to the nearest cent.)
What are the other federal deductions required to be withheld from
TonyTony's
Paycheck? Calculate the withholdings and the net earnings. (Assume the social security tax rate is 6.2% and the medicare tax rate is 1.45%.)
Earnings | ||
Less: |
|
|
|
| |
Federal income tax |
| |
Net earnings |
|
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