Given the pay rate, hours worked, tax deductions, and social security deduction, determine the gross earnings, group health insurance (assuming 15% of gross earnings), pension deduction (assuming 6.5% of gross earnings), total deductions, and net pay.

Question

Aileen Beasley

Business

18 July, 09:05

Given the pay rate, hours worked, tax deductions, and social security deduction, determine the gross earnings, group health insurance (assuming 15% of gross earnings), pension deduction (assuming 6.5% of gross earnings), total deductions, and net pay.

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Dario Curtis · Answer 1

Explanation: Lets assume that he earns $21 per hour

If he works 40 hours per week he earns = 40*21 = $840

At the end of the fourth week which is a month = 840*4 = $3360

Hence his gross payment shall be = $3360 I. e payment before any deduction was made.

He pays 15% for health insurance = (15*3360) : 100

50400/100 = $504

He pays 6.5% for pension = (6.5*3360) : 100

21840:100 = $218.4

Total deduction = 504+218.4 = $722.4

Net payment is the payment made after deduction has been made

3360-722.4 = $2637.6