Question

Gross Pay x Tax Rate = Tax WITHHELD
Social Security Tax Rate 6.2% Medicare Tax Rate 1.45%
Directions: Using the information provided, complete the calculations to determine tax withholdings and net pay.
1. What is Samuel’s withholdings?
Gross Pay $4200
Social Security Tax withholding_______________ (1pt)
Medicare Tax withholding___________________(1pt)
Net Pay__________________________________(1pt)

2. What is Jennifer’s withholdings?
Gross Pay $6500
Social Security Tax withholding_______________(1pt)
Medicare Tax withholding___________________(1pt)
Net Pay__________________________________(1pt)

3. What is Timothy’s withholdings?
Gross Pay $3400
Social Security Tax withholding________________(1pt)
Medicare Tax withholding____________________(1pt)
Net Pay___________________________________(1pt)

4. With is Amber’s withholdings?
Gross Pay $1100
Social Security Tax withholding________________(1pt)
Medicare Tax withholding____________________(1pt)
Net Pay___________________________________(1pt)

Answer 1

Sam- $4200
Soc Sec- $260.40
Medicare-$60.9
Net Pay- $3878.70

Jen- $6500
Soc Sec-$403.00
Medicare-$ 94.25
Net Pay-$6002.75

Tim- $3400
Soc Sec- $210.80
Medicare-$49.30
Net Pay-$3139.90

Amber-$1100
Soc Sec-$ 68.20
Medicare$15.95
Net Pay-$1015.85

You take your tax rate from the gross amount each time.