The Telegraph (Nashau, NH) on December 6, 2006, described the living wage needed in New Hampshir. Jessica Bullard is a single parent with one child and claims 2 on her E2 Tax return at 2.9% per person withholding (FIT). She needs to make $17.71 an hour to get by in Hillsborough County. However Jessica Bullard earns only $13.00 an hour. Jessica works 40 hours a week. Social Security is 6.2% and Medicare is 1.4% (a) What is her gross pay per week? (b) How much is deducted for Social Security Tax? (c) How much is deducted for Medicare? (d) How much is withheld for FIT in total for her and her child? (e) What is her net pay? (f) If she were to take on a second job for 20 hours/week, how much per hour must that job pay, in order for her to make the same amount as she would have if she was paid $17.71 on her regular job?
The Telegraph (Nashau, NH) on December 6, 2006, described the living wage needed in New Hampshir. Jessica Bullard is a single parent with one child and claims 2 on her E2 Tax return at 2.9% per person withholding (FIT). She needs to make $17.71 an hour to get by in Hillsborough County. However Jessica Bullard earns only $13.00 an hour. Jessica works 40 hours a week. Social Security is 6.2% and Medicare is 1.4% (a) What is her gross pay per week? (b) How much is deducted for Social Security Tax? (c) How much is deducted for Medicare? (d) How much is withheld for FIT in total for her and her child? (e) What is her net pay? (f) If she were to take on a second job for 20 hours/week, how much per hour must that job pay, in order for her to make the same amount as she would have if she was paid $17.71 on her regular job?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The Telegraph (Nashau, NH) on December 6, 2006, described the living wage needed in New Hampshir. Jessica Bullard is a single parent with one child and claims 2 on her E2 Tax return at 2.9% per person withholding (FIT). She needs to make $17.71 an hour to get by in Hillsborough County. However Jessica Bullard earns only $13.00 an hour. Jessica works 40 hours a week. Social Security is 6.2% and Medicare is 1.4%
(a) What is her gross pay per week?
(b) How much is deducted for Social Security Tax?
(c) How much is deducted for Medicare?
(d) How much is withheld for FIT in total for her and her child?
(e) What is her net pay?
(f) If she were to take on a second job for 20 hours/week, how much per hour must that job pay, in order for her to make the same amount as she would have if she was paid $17.71 on her regular job?
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