question 1 (4 points)\nyour gross pay is $57,001.03 per year. your deductions are listed below.\n. 12%…

question 1 (4 points)\nyour gross pay is $57,001.03 per year. your deductions are listed below.\n. 12% withholding for federal income tax\n. 7.65% for social security and medicare taxes\n. $2,247.95 health insurance cost (pre - tax)\n. $2,125 contribution to a roth ira retirement fund (post - tax)\nwhat is your annual net pay?\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer

question 1 (4 points)\nyour gross pay is $57,001.03 per year. your deductions are listed below.\n. 12% withholding for federal income tax\n. 7.65% for social security and medicare taxes\n. $2,247.95 health insurance cost (pre - tax)\n. $2,125 contribution to a roth ira retirement fund (post - tax)\nwhat is your annual net pay?\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer

Answer

Explanation:

Step1: Calculate federal income tax deduction

$57001.03\times 0.12 = 6840.1236$

Step2: Calculate Social - Security and Medicare tax deduction

$57001.03\times0.0765 = 4350.578795$

Step3: Sum up all deductions

The pre - tax deductions are the federal income tax, Social - Security and Medicare tax, and health insurance cost. The post - tax deduction is the Roth IRA contribution. Pre - tax deductions: $6840.1236+4350.578795 + 2247.95=13438.652395$ Total deductions: $13438.652395+2125 = 15563.652395$

Step4: Calculate net pay

$57001.03−15563.652395 = 41437.377605\approx41437.38$

Answer:

$41437.38$