Question

You decide to get a part-time job at a local hardware store. The job pays $11.00 an hour and you will work 20 hours a week. Your employer withholds 10% of your gross pay for federal taxes, 5.65% for FICA taxes, and 2.5% for the state tax why is your weekly net pay

Answer 1

To calculate your weekly net pay, you need to follow these steps:

1. **Determine Gross Pay:**
- Hourly wage = $11.00
- Hours worked per week = 20
- Gross Pay = Hourly Wage × Hours Worked
\[
\text{Gross Pay} = 11.00 \times 20 = 220.00
\]

2. **Calculate Taxes:**
- Federal Tax = 10% of Gross Pay
\[
\text{Federal Tax} = 0.10 \times 220.00 = 22.00
\]
- FICA Tax = 5.65% of Gross Pay
\[
\text{FICA Tax} = 0.0565 \times 220.00 \approx 12.43
\]
- State Tax = 2.5% of Gross Pay
\[
\text{State Tax} = 0.025 \times 220.00 = 5.50
\]

3. **Total Taxes:**
\[
\text{Total Taxes} = \text{Federal Tax} + \text{FICA Tax} + \text{State Tax} = 22.00 + 12.43 + 5.50 \approx 39.93
\]

4. **Calculate Net Pay:**
\[
\text{Net Pay} = \text{Gross Pay} - \text{Total Taxes}
\]
\[
\text{Net Pay} = 220.00 - 39.93 \approx 180.07
\]

Therefore, your weekly net pay is approximately **$180.07**.