PayPeriods and Hourly Rates Advanced! cloned 11/3/2022 - Michelle Laskowski | Library

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Suppose a worker works 40 hours a week and makes $16 an hour. What will their paycheck be if they are paid biweekly and after 7.65% of the paycheck is taken out for FICA taxes?

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BUT WAIT! There's more!! We also may pay union dues and retirement. Suppose retirement is 5% of the gross pay(pay before deductions), and union dues are $96. What will the person from the above scenario's net pay be? (Net pay is the pay after deductions)

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Suppose a person makes $80,000 a year. Unfortuently, 7.65% of this gross pay goes to FICA taxes, $900 goes to employer sponsored Health Insurance, $1152 goes to union dues and 2% goes to retirement. What is this persons net pay? (Pay after deductions)

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What percentage of your pay are you taking home?

On top of these deductions, we also pay Federal income tax and many states pay state income tax!!!!!!!! This is what people are talking about when they talk about "filing their taxes".  We will examine more of this in the future!