Math Problem Statement
Solution
Let’s break down the missing calculations based on the given information and deductions to complete the earnings statement.
Details:
-
Earnings:
- Regular Hours: 80 hours at $13/hour = $1,040.00.
- Overtime Hours: 5 hours at $19.50/hour = $97.50.
- Total Earnings (Gross Pay) = $1,040.00 + $97.50 = $1,137.50.
-
Deductions:
- Federal Tax: 15% of Gross Pay: (already provided).
- State Tax: 7% of Gross Pay: .
- Social Security: 6.2% of Gross Pay: .
- Medicare: 1.45% of Gross Pay: .
-
Total Deductions: Add all the deductions:
. -
Net Pay: Subtract total deductions from gross pay:
.
Completed Chart:
DESCRIPTION | HOURS | RATE | AMOUNT | DEDUCTIONS | AMOUNT |
---|---|---|---|---|---|
Regular | 80 | $13.00 | $1,040.00 | Federal Tax | $170.63 |
Overtime | 5 | $19.50 | $97.50 | State Tax | $79.63 |
Total Earnings | $1,137.50 | Social Security | $70.53 | ||
Medicare | $16.49 | ||||
Total Deductions | $337.28 | ||||
Gross Pay | $1,137.50 | Net Pay | $800.22 |
Recap:
- Gross Pay: $1,137.50
- Total Deductions: $337.28
- Net Pay: $800.22
Would you like a deeper breakdown or further assistance?
Questions:
- How would different tax rates (e.g., higher Social Security or Medicare) impact Net Pay?
- What if overtime was calculated as double-time instead of time-and-a-half?
- How would pre-tax deductions, such as health insurance, influence Gross Pay and Net Pay?
- What would the outcome look like for varying work hours (e.g., 100 regular hours, no overtime)?
- How does the year-to-date (YTD) calculation relate to this period's deductions?
Tip: Always confirm tax rates and brackets for accuracy when calculating payroll!
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Math Problem Analysis
Mathematical Concepts
Payroll Calculations
Percentages
Subtraction
Basic Arithmetic
Formulas
Gross Pay = Regular Earnings + Overtime Earnings
Federal Tax = Gross Pay × Federal Tax Rate
State Tax = Gross Pay × State Tax Rate
Social Security = Gross Pay × Social Security Rate
Medicare = Gross Pay × Medicare Rate
Total Deductions = Sum of All Deductions
Net Pay = Gross Pay − Total Deductions
Theorems
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Suitable Grade Level
Grades 9-12
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