question 19 (4.5 points) your gross pay is $1,119.72 on a weekly basis. your deductions are listed below. •…

question 19 (4.5 points) your gross pay is $1,119.72 on a weekly basis. your deductions are listed below. • 10% withholding for federal income tax • 7.65% for social security and medicare taxes • $78.42 health insurance cost (pre - tax) • $25 contribution to a roth ira retirement fund (post - tax) what is your weekly net pay? enter the dollar amount rounded to the nearest cent. your answer: answer

question 19 (4.5 points) your gross pay is $1,119.72 on a weekly basis. your deductions are listed below. • 10% withholding for federal income tax • 7.65% for social security and medicare taxes • $78.42 health insurance cost (pre - tax) • $25 contribution to a roth ira retirement fund (post - tax) what is your weekly net pay? enter the dollar amount rounded to the nearest cent. your answer: answer

Answer

Explanation:

Step1: Calculate Social - Security and Medicare taxes

The Social - Security and Medicare tax rate is 7.65%, and the gross pay is $1,119.72. So the amount of Social - Security and Medicare taxes is $1,119.72\times0.0765 = 85.6586$.

Step2: Calculate federal income tax

The federal income tax withholding is 10% of the gross pay. So the amount of federal income tax is $1,119.72\times0.1=111.972$.

Step3: Calculate net pay

The health insurance cost is $78.42 (pre - tax) and the Roth IRA contribution is $25 (post - tax). The total deductions are the sum of Social - Security and Medicare taxes, federal income tax, health insurance cost and Roth IRA contribution. The total deductions $D=85.6586 + 111.972+78.42 + 25=301.0506$. The net pay $N = 1119.72-301.0506 = 818.6694\approx818.67$.

Answer:

$818.67$