You earn $8.60/hr. You work 32 hr/wk and your deductions are FICA (7.65%), federal tax withholding (10.6%), and state tax withholding (8.25%). How much do you have direct-deposited bi-weekly?

Question

Lucille White

Mathematics

3 March, 10:55

You earn $8.60/hr. You work 32 hr/wk and your deductions are FICA (7.65%), federal tax withholding (10.6%), and state tax withholding (8.25%). How much do you have direct-deposited bi-weekly?

+4

Answers (1)

Know the Answer?

Jacob Stanley · Answer 1

Your bi-weekly deposit is $404.54.

Step-by-step explanation:

At a $8.60 per hour wage for 32 hours per week, your gross pay each week is $275.20, or $550.40. However, your deductions and tax withholdings total 26.5% taken from your gross pay. Multiplying $550.40 by 26.5%, or. 265, is a total of $145.86. Your realized income, or what you will make after taxes, would be $550.40-$145.86 = $404.54. So, every two weeks, or bi-weekly, your direct deposit would be in the amount of $404.54.