04-10-2015
Business

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You earn 420 per week. You pay social security taxes of 7.65% federal taxes of 22% and state taxes of 5.95% What is your take home pay?

Verified Answer :

Kalahira Kalahira

18-04-2017

Security taxes = 7.65% of 420 = 0.0765 x 420 = 32.13. Federal taxes = 22% of 420 = 0.22 x 420 = 92.40 and state taxes = 5.95% of 420 = 0.0595 x 420 = 24.99. Total amount deducted for taxes = 32.13 + 92.40 + 24.99 = 149.52. Take home pay = earnings - deductions = 420 - 149.52 = 270.48
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