An employee has gross earnings of $1,200 with withholdings of 6.2% fica-oasdi, 1.45% fica-medicare, $50 for federal income tax and $10 for state income tax. how much is the net pay?

The net pay is $1048.20

Explanation:

Net pay : The net pay is come when all taxed and deductions is subtracted from the gross earnings

For computing the net pay, we use the following equation which is shown below:

= Gross earnings - FICA OASDI - FICA medicare - federal income tax - state income tax

where,

Gross earnings is $1,200

FICA OASDI = 6.2% of $1,200 = $74.4

FICA medicare = 1.45% of $1,200 = $17.4

Federal income tax = $50

State income tax = $10

Now, put these values to the above equation

So, the value would be:

= $1,200 - $74.4 - $17.4 - $50 - $10

= $1048.20

Hence, the net pay is $1048.20

turnover

the amount of money taken by a business in a particular period.