To calculate your bi-weekly deposit amount, let's break it down step by step:
-
Calculate weekly earnings: \[ \text{Weekly Earnings} = \text{Hourly Wage} \times \text{Hours Worked} \] \[ \text{Weekly Earnings} = 8.55 , \text{USD/hr} \times 15 , \text{hr/wk} = 128.25 , \text{USD/wk} \]
-
Calculate bi-weekly earnings: \[ \text{Bi-weekly Earnings} = \text{Weekly Earnings} \times 2 \] \[ \text{Bi-weekly Earnings} = 128.25 , \text{USD/wk} \times 2 = 256.50 , \text{USD} \]
-
Calculate total deductions: The total deductions will include FICA, Federal Tax, and State Tax.
-
FICA: \[ \text{FICA} = \text{Bi-weekly Earnings} \times 7.65% \] \[ \text{FICA} = 256.50 \times 0.0765 \approx 19.61725 , \text{USD} \] Rounding to the nearest penny, FICA = 19.62 USD.
-
Federal Tax Withholding: \[ \text{Fed Tax} = \text{Bi-weekly Earnings} \times 10.4% \] \[ \text{Fed Tax} = 256.50 \times 0.104 \approx 26.664 , \text{USD} \] Rounding to the nearest penny, Federal tax = 26.66 USD.
-
State Tax Withholding: \[ \text{State Tax} = \text{Bi-weekly Earnings} \times 7.7% \] \[ \text{State Tax} = 256.50 \times 0.077 = 19.78 , \text{USD} \] Rounding to the nearest penny, State tax = 19.78 USD.
-
-
Calculate total deductions: \[ \text{Total Deductions} = \text{FICA} + \text{Fed Tax} + \text{State Tax} \] \[ \text{Total Deductions} = 19.62 + 26.66 + 19.78 = 66.06 , \text{USD} \]
-
Calculate net bi-weekly pay: \[ \text{Net Bi-weekly Pay} = \text{Bi-weekly Earnings} - \text{Total Deductions} \] \[ \text{Net Bi-weekly Pay} = 256.50 - 66.06 = 190.44 , \text{USD} \]
Thus, the amount deposited bi-weekly is $190.44.