Question

In: Finance

Examine your last pay check. Determine the percentage of your gross pay that is taken for...

Examine your last pay check. Determine the percentage of your gross pay that is taken for deductions (including taxes, social security, health care, retirement, etc.). Total these deductions and then divide by your gross pay to determine the percentage. You do not have to disclose the amount of your gross pay or your deductions, but you may share the percentage of your pay that went for these deductions. Does this surprise you? Are there things you could change about this?

Solutions

Expert Solution

This can be address by taking an example of pay check/certificate. Lets understand few terms first:

1. Gross Pay: This represents the total amount paid by a organisation/company to its employees

2. Deductions: these are the deductions from gross pay towards taxes, social security, health care, retirement, etc

Assume that a person earning $5000 per month as regular pay. following is typical example of pay slip

Earnings Deductions
Regular earning 5000 Providend fund 400
overtime 500 Federal Withholding 350
Incentive 300 OED 120
Bonus 100 State withholding ---
OASDI --
Total Earning 5900 Total Deduction 870

Here the required percentage is 870/5900*100 = 14.75%

This percentage can be reduced by following ways:

  1. Contributions to retirement account
  2. Reduce vacation costs may be by combining business trip and vaccation
  3. Tax credits
  4. The state sales tax break
  5. Adjust your allowances properly to reduce the duductions

jeff jeffy answered 2 years ago
Next > < Previous

Related Solutions

Develop a C++ program that will determine the gross pay and net pay (after taxes). Each...
Develop a C++ program that will determine the gross pay and net pay (after taxes). Each employee pays a flat tax of 150.00 on the first 1000.00 dollars earned. If the employee earns less than 1000.00 dollars then he/she pays no taxes. Taxes are computed at 15.5% on all earnings over 1000.00 dollars if the number of dependents is 3 or less and 12.5% if the number of dependents are 4 or more. Sample input/outpt dialog Enter # of yours...
Gross pay
Problem:2 Juan earns a salary of $350 per week. What is his yearly salary?Problem:3 Willa earns a salary of $33,000 per year. She is paid monthly. What is her gross pay per month?
Distinguish between gross profit as a percentage of cost and gross profit as a percentage of sales price.
Distinguish between gross profit as a percentage of cost and gross profit as a percentage of sales price. Convert the following gross profit percentages based on cost to gross profit percentages based on sales price: 25% and 33 1 /3%. Convert the following gross profit percentages based on sales price to gross profit percentages based on cost: 33 1 /3% and 60%.
Develop a C++ program that will determine the gross pay and netpay (after taxes). Each...
Develop a C++ program that will determine the gross pay and net pay (after taxes). Each employee pays a flat tax of 150.00 on the first 1000.00 dollars earned. If the employee earns less than 1000.00 dollars then he/she pays no taxes. Taxes are computed at 15.5% on all earnings over 1000.00 dollars if the number of dependents is 3 or less and 12.5% if the number of dependents are 4 or more.
Please use C++ program. uses a while statement to determine the gross pay for each of...
Please use C++ program. uses a while statement to determine the gross pay for each of several employees. When someone works 41 hours or more. They get paid 1.5x more so my problem is that in my else if statement. The C++should ask repeatedly if the user wants to continue: y or n, if the user types y, then the program should ask for the hours and rate for another employee then display the grosspay. When the user type n,...
Determine the gross profit percentage for the year ended December 31 Selling Expenses $8,500 Interest Revenue...
Determine the gross profit percentage for the year ended December 31 Selling Expenses $8,500 Interest Revenue 2,000 Net Sales Revenue 150,500 Cost of Goods Sold 80,000 Administrative Expenses 10,000 I know its gross profit / net sales rev = gross profit percent. I just need help visualizing it with the numbers. what makes the gross profit?
PSc 2-7 Calculate Gross Pay with Commissions Calculate gross pay for each of the following employees....
PSc 2-7 Calculate Gross Pay with Commissions Calculate gross pay for each of the following employees. All are paid an overtime wage rate that is 1.5 times their respective regular wage rates. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: Dennis McDonald earns both $8.25/hour and a 11% commission on all sales. During the most recent week, he worked 44 hours and made total sales...
For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income...
For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income tax withholding, Social Security tax, and Medicare tax. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1:An employee works 47 hours (47 - 40 were overtime hours) during a workweek in December of 2017. He earns $39/hour, with his employer paying 1.5 times the regular rate of pay for overtime...
For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income...
For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income tax withholding, Social Security tax, and Medicare tax. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1:An employee works 42 hours (42 - 40 were overtime hours) during a workweek in December of 2017. He earns $40.50/hour, with his employer paying 1.5 times the regular rate of pay for overtime...
For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income...
For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income tax withholding, Social Security tax, and Medicare tax. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1:An employee works 45 hours (45 - 40 were overtime hours) during a workweek in October of 2017. The employee earns $45/hour, with his employer paying 1.5 times the regular rate of pay for...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT