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If you have 13% withheld for federal taxes, 9% for state taxes, and FICA is 7.65%, how much are your involuntary withholdings in all if your gross pay was $2,785.00 and your net income was $1,794.23?

(1 point)
Responses

$990.77
$990.77

$1,959.25
$1,959.25

$825.75
$825.75

$531.99

1 answer

To find the total involuntary withholdings, we first need to calculate the total amount withheld for federal taxes, state taxes, and FICA as a percentage of the gross pay.

  1. Calculate the total percentage withheld:

    • Federal Taxes: 13%
    • State Taxes: 9%
    • FICA: 7.65%

    Total Withholding Percentage = 13% + 9% + 7.65% = 29.65%

  2. Calculate total withholdings dollar amount:

    • Gross Pay = $2,785.00
    • Total Withholdings = Gross Pay * Total Withholding Percentage
    • Total Withholdings = $2,785.00 * 0.2965 = $826.00 (approximately)

  3. Check against net income:

    • Net Income = Gross Pay - Total Withholdings
    • $1,794.23 = $2,785.00 - Total Withholdings
    • Total Withholdings = $2,785.00 - $1,794.23 = $990.77

Thus, the total involuntary withholdings amount to $990.77.

Final Answer: $990.77