Calculate the Net Pay

question 91

Short Answer

Calculate the net pay. The balance before this weekly payroll is $90 below maximum as related to cumulative earnings in calculating Social Security. Assume a tax rate of 6.2% for Social Security on $128,400 and 1.45% for Medicare:
$$\begin{array} { | l | l | l | l | l | l | l | l | } \hline \text { Name } & \begin{array} { l } \text { Marital } \\\text { Status }\end{array} & \begin{array} { l } \text { Exemptions } \\\text { Claimed }\end{array} & \text { Gross } & \text { FIT } & \text { Soc Sec } & \text { Medicare } & \text { Net Pay } \\\hline \text { B Burns } & \text { M } & 2 & \$ 900 & \text { A } & \text { B } & \text { C } & \text { D } \\\hline\end{array}$$

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Definitions:

Inputs Employed

The resources used in the production of goods and services, such as labor, capital, and raw materials.

Derived Demand

Demand that exists not for the good or service itself, but for the goods or services produced by it. This demand is dependent on the demand for another product or service.

Hair Stylist

A professional who specializes in cutting, coloring, and styling hair to improve or maintain a person's appearance.

Salon Owner

An individual who owns and manages a salon, responsible for its operational, financial, and administrative aspects.