Can i get some help with this i tried it but im not sure the ** is the one i chose
14. The gross income of David Vaughn is $785 per week. His deductions are $42.25, FICA tax; $90.33, income tax; 2% state tax; 1% city tax; and 3% retirement fund. What is her net income for one week?
A. $675.32
**B. $749.77
C. $628.77
D. $605.32
?
Favorite Answer
Gross income_____ $785.00
Less FICA__________-42.25
Less income tax_____-90.33
Less state taxª ______-15.70
Less city tax ² _______-7.85
Less retirement fund³_-23.55
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David's net income__$605.32
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ª$785 * .02 = $15.70
²$785 * .01 = _$7.85
³$785 * .03 = $23.55
Anonymous
You should figure out the dollar amounts for the 2%, 1% and 3% charges. (Weekly rate multiplied by % will equal the dollar amount.)
Then deduct that amount from the $785 along with the FICA and Income taxes listed in the problem. The one you have indicated is not the correct answer.
GeezGuys
You need to know how to calculate percentages.....1% of a number is .01 x the number. So 2% of 785 would be .02 x 785 = 15.17. Calculate all the percentages and then subtract them from 785. Then subtract the FICA tax and income tax, and that'll be your net income.