qs 11-6 (algo) computing net pay lo p2\nat the end of the first pay period of the year, sofia earned $4,700…

qs 11-6 (algo) computing net pay lo p2\nat the end of the first pay period of the year, sofia earned $4,700 of salary. withholdings from sofia’s salary include fica social security taxes at the rate of 6.2%, fica medicare taxes at the rate of 1.45%, $514 of federal income taxes, $174 of medical insurance deductions, and $24 of life insurance deductions. compute sofia’s net pay for this first pay period.\nnote: round your intermediate and final answers to 2 decimal places.\ngross pay\nfica social security\nfica medicare\nfederal income taxes\nmedical insurance deduction\nlife insurance deduction\ntotal deductions\nnet pay

qs 11-6 (algo) computing net pay lo p2\nat the end of the first pay period of the year, sofia earned $4,700 of salary. withholdings from sofia’s salary include fica social security taxes at the rate of 6.2%, fica medicare taxes at the rate of 1.45%, $514 of federal income taxes, $174 of medical insurance deductions, and $24 of life insurance deductions. compute sofia’s net pay for this first pay period.\nnote: round your intermediate and final answers to 2 decimal places.\ngross pay\nfica social security\nfica medicare\nfederal income taxes\nmedical insurance deduction\nlife insurance deduction\ntotal deductions\nnet pay

Answer

Explanation:

Step1: Calculate FICA Social Security deduction

$4700\times6.2%=4700\times0.062 = 291.40$

Step2: Calculate FICA Medicare deduction

$4700\times1.45%=4700\times0.0145 = 68.15$

Step3: Sum up all deductions

$291.40 + 68.15+514 + 174+24=1071.55$

Step4: Calculate net - pay

$4700 - 1071.55 = 3628.45$

Answer:

Gross pay: $4700.00 FICA Social Security: $291.40 FICA Medicare: $68.15 Federal income taxes: $514.00 Medical insurance deduction: $174.00 Life insurance deduction: $24.00 Total deductions: $1071.55 Net pay: $3628.45