Jeff jones earns $1,200 per week. he is married and claims four withholding allowances. the social security rate is 6.2% on $118,500, and medicare is 1.45%. each paycheck, his employer also deducts $42.50 for health insurance. what is his net pay? (calculate fit by percentage method.)

Answer 1

so look up the % tax rate for his # deductions, and figure that.
Then add 6.2+1.45=7.65% withheld (since $1200/week is less than $118K/year)
then subtract that sum, as well as the 42.50 for insurance, from the $1200 gross pay.
What is left will be his net pay.