Sean's Gross Pay for This Month Is $8750

question 40

Multiple Choice

Sean's gross pay for this month is $8750.His gross year-to-date pay,prior to this month,totaled $112,000.Sean's rate for federal income tax is 25%.His voluntary deductions total $950.What is Sean's net pay? (Assume an OASDI rate of 6.2%,applicable on the first $118,500 earnings,and a Medicare rate of 1.45%,applicable on all earnings.Round any intermediate calculations to two decimal places,and your final answer to the nearest dollar.)

• A) $6032.62
• B) $5612.50
• C) $6562.50
• D) $5082.62

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Definitions:

Real GDP

An economic metric that measures the value of all goods and services produced by a country in a year, adjusted for inflation, reflecting the real growth.

GDP Deflator

An economic metric that converts the money-value measure of GDP into an index for quantity comparison by deflating price inflation.

Real GDP

The calculation of a nation's economic production, accounting for variations in prices due to inflation or deflation, to represent the actual value of goods and services generated.

Real Terms

Adjusted for inflation, reflecting the actual purchasing power of money.