BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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$40.09
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$39.68
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$45.75
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$33.79
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Detailed explanation-1: -You simply add up all of your income sources before any tax deductions or taxes. For example, if last year you earned $100, 000 in salary, $1, 000 in interest income, and $12, 000 in rental income, your gross income for the year would be $100, 000 + $1, 000 + $12, 000 = $113, 000.
Detailed explanation-2: -Net Pay = Gross Pay – Deductions and Taxes It’s that simple. All you have to do is figure out your gross pay and total deductions and taxes, then subtract the latter from the former.
Detailed explanation-3: -Gross pay is what employees earn before taxes, benefits and other payroll deductions are withheld from their wages. The amount remaining after all withholdings are accounted for is net pay or take-home pay.
Detailed explanation-4: -Reginald Wallace’s gross weekly salary is $515. His weekly federal withholding is $55. The Social Security tax is 6.2% of the first $97, 500 he earns. The Medicare tax is 1.45% of gross pay.