Asked by Adrian Montoya on May 08, 2024
Verified
A weekly payroll register shows that Will Morris had total wages of $390. He had deductions of $29.84 for FICA tax, $41.20 for federal income tax, and $17.50 for medical insurance. Compute Morris' net pay.
Net Pay
The amount of money that an employee takes home after all deductions, such as taxes and retirement contributions, have been subtracted from the gross salary.
FICA Tax
A U.S. federal tax that funds Social Security and Medicare, deducted from employees' paychecks and matched by employers.
Federal Income Tax
The tax levied by the IRS on the annual earnings of individuals, corporations, trusts, and other legal entities.
- Calculate the net salary by subtracting taxes and other withholdings from the total earnings.
Verified Answer
Learning Objectives
- Calculate the net salary by subtracting taxes and other withholdings from the total earnings.
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