First, we need to calculate the total amount of deductions:
7.65% + 9.8% + 5.5% = 23.95%
This means that 23.95% of your gross hourly wage is being deducted. To find your net hourly wage, we need to subtract this amount from your gross hourly wage:
100% - 23.95% = 76.05%
So your net hourly wage is:
$7.85 * 0.7605 = $5.97
Therefore, your net hourly wage after deductions is $5.97.
You work a part-time job at $7.85/hr per 8. Your deductions are FICA (7.65%), federal tax withholding (9.8%), and state tax withholding (5.5%). What is your net hourly wage
3 answers
I meant $7.85/hr for 10 hours per week
No problem!
Your gross weekly pay would be:
$7.85/hr * 10 hours/week = $78.50/week
To calculate your total deductions, we first need to find your gross annual income from this part-time job:
$7.85/hr * 10 hours/week * 52 weeks/year = $4,090.40/year
FICA deductions:
7.65% * $4,090.40 = $312.87
Federal tax withholding:
9.8% * $4,090.40 = $401.79
State tax withholding:
5.5% * $4,090.40 = $224.97
Total deductions:
$312.87 + $401.79 + $224.97 = $939.63
So your net annual income from this part-time job would be:
$4,090.40 - $939.63 = $3,150.77
To find your net hourly wage, we divide your net annual income by the number of hours worked in a year:
$3,150.77 / (10 hours/week * 52 weeks/year) = $6.05/hour
Therefore, your net hourly wage after deductions is $6.05.
Your gross weekly pay would be:
$7.85/hr * 10 hours/week = $78.50/week
To calculate your total deductions, we first need to find your gross annual income from this part-time job:
$7.85/hr * 10 hours/week * 52 weeks/year = $4,090.40/year
FICA deductions:
7.65% * $4,090.40 = $312.87
Federal tax withholding:
9.8% * $4,090.40 = $401.79
State tax withholding:
5.5% * $4,090.40 = $224.97
Total deductions:
$312.87 + $401.79 + $224.97 = $939.63
So your net annual income from this part-time job would be:
$4,090.40 - $939.63 = $3,150.77
To find your net hourly wage, we divide your net annual income by the number of hours worked in a year:
$3,150.77 / (10 hours/week * 52 weeks/year) = $6.05/hour
Therefore, your net hourly wage after deductions is $6.05.