Calculation of Take-Home Wages (Accounting for Liabilities).  Lina Lu is an hourly worker who earns $50 per hour.  During the prior week, Lina worked 40 hours.  The FICA rate is 6.2% and Medicare Rate is 1.45%.  Lina's total wages for this payroll are subject to the aforementioned taxes.  In addition, she had deductions of $280 for federal income tax and $80 for insurance contribution.  What is her net pay?   Can you please show how you came to this answer? Thank you!

FINANCIAL ACCOUNTING
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ISBN:9781259964947
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Chapter1: Financial Statements And Business Decisions
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Calculation of Take-Home Wages (Accounting for Liabilities). 

Lina Lu is an hourly worker who earns $50 per hour.  During the prior week, Lina worked 40 hours.  The FICA rate is 6.2% and Medicare Rate is 1.45%.  Lina's total wages for this payroll are subject to the aforementioned taxes.  In addition, she had deductions of $280 for federal income tax and $80 for insurance contribution.  What is her net pay?   Can you please show how you came to this answer? Thank you!

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