below is your first paycheck and you need to understand all the deductions taken from your pay: federal…

below is your first paycheck and you need to understand all the deductions taken from your pay: federal income tax (the percentage is different for everyone. 8% or.08 is used for this assignment) state income tax (5% or.05) social security tax (6.2% or.062) medicare tax (1.45% or.0145) abq office supplies pays you $15.00 per hour, and you work 35 hours per week. you are paid biweekly (every other friday). complete the calculations below to see what your paycheck will look like. biweekly wages: rate $ x hours = gross pay

below is your first paycheck and you need to understand all the deductions taken from your pay: federal income tax (the percentage is different for everyone. 8% or.08 is used for this assignment) state income tax (5% or.05) social security tax (6.2% or.062) medicare tax (1.45% or.0145) abq office supplies pays you $15.00 per hour, and you work 35 hours per week. you are paid biweekly (every other friday). complete the calculations below to see what your paycheck will look like. biweekly wages: rate $ x hours = gross pay

Answer

Explanation:

Step1: Calculate gross bi - weekly pay

Since you work 35 hours per week and are paid $15 per hour, and bi - weekly means 2 weeks. The number of hours worked bi - weekly is $35\times2 = 70$ hours. The gross pay formula is Rate $\times$ Hours. So, the gross pay $G=15\times70 = 1050$ dollars.

Step2: Calculate Social Security tax deduction

The Social Security tax rate is 6.2% or 0.062. The deduction amount $D_{SS}=G\times0.062=1050\times0.062 = 65.1$ dollars.

Step3: Calculate Medicare tax deduction

The Medicare tax rate is 1.45% or 0.0145. The deduction amount $D_{M}=G\times0.0145 = 1050\times0.0145=15.225$ dollars.

Step4: Calculate State Income tax deduction

The State Income tax rate is 5% or 0.05. The deduction amount $D_{SI}=G\times0.05=1050\times0.05 = 52.5$ dollars.

Step5: Calculate Federal Income tax deduction

Let's assume the Federal Income tax rate for this example is 8% or 0.08. The deduction amount $D_{FI}=G\times0.08=1050\times0.08 = 84$ dollars.

Step6: Calculate total deductions

The total deductions $D = D_{SS}+D_{M}+D_{SI}+D_{FI}=65.1 + 15.225+52.5+84=216.825$ dollars.

Step7: Calculate net pay

The net pay $N=G - D=1050-216.825 = 833.175$ dollars.

Answer:

The gross bi - weekly pay is $1050$ dollars, Social Security tax deduction is $65.1$ dollars, Medicare tax deduction is $15.225$ dollars, State Income tax deduction is $52.5$ dollars, Federal Income tax deduction is $84$ dollars, total deductions are $216.825$ dollars and the net pay is $833.175$ dollars.