Grades 6, 7 and 8 - Math - Middle School - Business Math - Payroll (Calculating Take Home Pay with Dependents) — Flashcards | Middle School | FatSkills

Grades 6, 7 and 8 - Math - Middle School - Business Math - Payroll (Calculating Take Home Pay with Dependents) — Flashcards

Fast review mode: answers are shown by default so you can skim quickly. Hide them if you want to self-test.

When you get hired on at a job, you will be asked whether you are single or married and whether you have any children.  Why would that be important?  Because the number of people in your family that you are supporting will affect the amount of taxes (federal, state, Medicare) that are taken out and the amount of the medical insurance premium to cover the entire family.  It does not change the amount a person chooses to have put into a retirement savings plan such as a 401K or the amount of percentage of social security tax and Medicare tax.

1 of 11 Ready
Billy Waxston makes $475 per week. He is married and has one child. He pays $25.35 each week for medical coverage. He puts in 2.5% of his weekly pay to his 401K retirement plan and his state income tax is 5.85%. According to the federal government he needs to pay $12.00 in federal taxes each week. The state government wants him to pay $11.00 in state taxes each week. How much money will he bring home each week in his paycheck?
$381.28
Shortcuts
Prev Space Show / hide Next
Turn this into a study set.
Sign in with Google to save tricky questions to your reminder list and resume on any device.
Sign in with Google Free • no extra password