Answer the following questions to help provide the information for the paycheck. Rick works the same amount of hours each month. Rick worked 80 hours in pay period 9/10/18 - 9/21/18 and he earns $12 per hour. Rick's gross pay = 80 x $12.00 1.). Calculate Rick's Social Security deduction, which is 6.2% of his gross pay. Gross pay 2.)___ x.062 = 3.)__ Calculate Rick's Medicare deduction, which is 1.45% of his gross pay. Gross Pay 4.)___ x 0.0145= 5.)__ Medicare deduction Add all of Rick's deductions together to figure out the total amount taken out of each paycheck. Rick's deductions include the following: a.) $84.00 Federal withholding b.) $38.00 State withholding c.) $25.00 Medical d.) $40.00 401K e.) $ f.) $ 6.) 7.) 8.) Social Security deduction Social Security Medicare deduction Total Deductions (a-f) Subtract all of the deductions from Rick's gross pay to determine his net pay. - deductions 10.) Gross pay 9.)_ = 11.) net pay
Answer the following questions to help provide the information for the paycheck. Rick works the same amount of hours each month. Rick worked 80 hours in pay period 9/10/18 - 9/21/18 and he earns $12 per hour. Rick's gross pay = 80 x $12.00 1.). Calculate Rick's Social Security deduction, which is 6.2% of his gross pay. Gross pay 2.)___ x.062 = 3.)__ Calculate Rick's Medicare deduction, which is 1.45% of his gross pay. Gross Pay 4.)___ x 0.0145= 5.)__ Medicare deduction Add all of Rick's deductions together to figure out the total amount taken out of each paycheck. Rick's deductions include the following: a.) $84.00 Federal withholding b.) $38.00 State withholding c.) $25.00 Medical d.) $40.00 401K e.) $ f.) $ 6.) 7.) 8.) Social Security deduction Social Security Medicare deduction Total Deductions (a-f) Subtract all of the deductions from Rick's gross pay to determine his net pay. - deductions 10.) Gross pay 9.)_ = 11.) net pay
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
Transcribed Image Text:Employee
Rick Smith
Employee Address
456 1st Ave
Yuma, AZ 85364
Number of Hours Worked
and Hourly Rate
SSN
123-45-6789
Pay Type-
Gross Pay
Rick's Paycheck
Deductions
Federal Withholding
State Withholding
Fed Social Security/EE
Fed Medicare/EE
Medical
401K
Totals
Pay Period
Check #
108
Current
Check Amount(Net Pay)
Year-to-Date
$168.00
$76.00
$119.04
$27.84
$50.00
$80.00
$
Transcribed Image Text:Answer the following questions to help provide the information for the paycheck.
Rick works the same amount of hours each month. Rick worked 80 hours in pay period 9/10/18 - 9/21/18 and
he earns $12 per hour.
Rick's gross pay = 80 x $12.00
1.).
Calculate Rick's Social Security deduction, which is 6.2% of his gross pay.
Gross pay 2.)__
_x.062 = 3.)
Calculate Rick's Medicare deduction, which is 1.45% of his gross pay.
Gross Pay 4.)
_x 0.0145 = 5.)__
Medicare deduction
Add all of Rick's deductions together to figure out the total amount taken out of each paycheck. Rick's
deductions include the following:
a.) $84.00 Federal withholding
b.) $38.00 State withholding
c.) $25.00 Medical
d.) $40.00 401K
6.)
7.)
8.)
e.) $
f.) $_
Social Security
Medicare deduction
Total Deductions (a-f)
Subtract all of the deductions from Rick's gross pay to determine his net pay.
- deductions 10.)__
Gross pay 9.)__
| = 11.).
Social Security deduction
Rick's Paycheck
net pay
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