An Employee Has Gross Earnings of $2,000 with Withholdings of 6.2

question 22

Multiple Choice

An employee has gross earnings of $2,000 with withholdings of 6.2% FICA-OASDI,1.45 % FICA-Medicare,$100 for federal income tax and $30 for state income tax.How much is the gross pay?

• A)$2000.00
• B)$781.15
• C)$771.15
• D)$791.15

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Definitions:

Prices

The sum of money anticipated, needed, or provided as payment for an item.

Utility Function

A mathematical representation that ranks preferences over a set of goods and services, showing the level of satisfaction or utility a consumer receives.

Income

Revenue received, on a consistent basis, from occupational or investment sources.

Preferences

Preferences refer to an individual's subjective tastes or desires, ranking goods or outcomes in order of choice or desirability in decision making or consumption.