18. luisa medina is paid $556 a week. her employer deducts $56 for federal withholding tax, $54.78 for…

18. luisa medina is paid $556 a week. her employer deducts $56 for federal withholding tax, $54.78 for insurance, 6.2% for social security taxes, and 1.45% for medicare taxes. for the week, what are her social security and medicare taxes, total deductions, and net pay?

18. luisa medina is paid $556 a week. her employer deducts $56 for federal withholding tax, $54.78 for insurance, 6.2% for social security taxes, and 1.45% for medicare taxes. for the week, what are her social security and medicare taxes, total deductions, and net pay?

Answer

Explanation:

Step1: Calculate social security tax

$556\times6.2%=556\times0.062 = 34.472\approx34.47$

Step2: Calculate Medicare tax

$556\times1.45%=556\times0.0145 = 8.062\approx8.06$

Step3: Calculate total deductions

$34.47 + 8.06+56 + 54.78=153.31$

Step4: Calculate net - pay

$556-153.31 = 402.69$

Answer:

Social security tax: $$34.47$, Medicare tax: $$8.06$, Total deductions: $$153.31$, Net pay: $$402.69$