Marshall, a business analyst in Las Vegas, Nevada has monthly earnings subject t

Question

Marshall, a business analyst in Las Vegas, Nevada has monthly earnings subject to deductions for social security, Medicare, and federal income tax. Nevada does not collect state income tax. He is single and claims two exemptions. What is Marshall’s net pay for the pay period? Average base pay is 66057 per year Social security deduction is 6.2% and Medicare is 1.45%. Maximum taxable earnings is 127200. Marshall, a business analyst in Las Vegas, Nevada has monthly earnings subject to deductions for social security, Medicare, and federal income tax. Nevada does not collect state income tax. He is single and claims two exemptions. What is Marshall’s net pay for the pay period? Average base pay is 66057 per year Social security deduction is 6.2% and Medicare is 1.45%. Maximum taxable earnings is 127200. Average base pay is 66057 per year Social security deduction is 6.2% and Medicare is 1.45%. Maximum taxable earnings is 127200.

Explanation / Answer

Marshal's base pay is 66057

His net pay is net of social security deductions and medicare

Marshal's Net Pay = 66057 (1-0.062) (1-0.0145) = $61,682.54

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