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?
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)
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)
What percentage of your pay are you taking home?