what formula is used to calculate net pay? *\ngross pay - total deductions\ngross pay ÷ tax rates\ngross pay…

what formula is used to calculate net pay? *\ngross pay - total deductions\ngross pay ÷ tax rates\ngross pay + total deductions\n\nlonnie flanagans weekly gross pay is $1,250. each week she has $64.37 in deductions, plus state tax of 2% of her gross pay, social security taxes of 6.2%, and medicare taxes of 1.45%. what is her net pay? * 4 points\n$1,065.00\n$1,058.79\n$1,075.12\n\nwhat is the net pay? *\nthe full amount of money that you earn from work\nthe amount of money that you actually take home\nthe amount of money that you actually give away

what formula is used to calculate net pay? *\ngross pay - total deductions\ngross pay ÷ tax rates\ngross pay + total deductions\n\nlonnie flanagans weekly gross pay is $1,250. each week she has $64.37 in deductions, plus state tax of 2% of her gross pay, social security taxes of 6.2%, and medicare taxes of 1.45%. what is her net pay? * 4 points\n$1,065.00\n$1,058.79\n$1,075.12\n\nwhat is the net pay? *\nthe full amount of money that you earn from work\nthe amount of money that you actually take home\nthe amount of money that you actually give away

Answer

Explanation:

Step1: Recall net - pay formula

Net pay is calculated as Gross Pay - Total Deductions.

Step2: Calculate deductions for Lonnie Flanagan

State tax: $1250\times0.02 = 25$ Social Security tax: $1250\times0.062=77.5$ Medicare tax: $1250\times0.0145 = 18.125$ Total deductions from percentages: $25 + 77.5+18.125=120.625$ Total deductions including fixed amount: $120.625 + 64.37=184.995\approx185$

Step3: Calculate net pay for Lonnie Flanagan

Net pay=$1250 - 185 = 1065$

Step4: Define net pay conceptually

Net pay is the amount of money that you actually take home.

Answer:

  1. Gross Pay - Total Deductions
  2. $1,065.00$
  3. The amount of money that you actually take home