Question

Rina Botwright receives $624 gross salary biweekly. Her income tax rate is 14%. Her group health plan contribution is $4.25 per pay period. She belongs to the company retirement plan, to which she contributes 6% of her earnings. She is also covered under Social Security benefits. Her current contribution is 6.05%

If these items are all her deductions, what is her take-home pay per period?

Rina gets a $35 raise per pay period. If her health plan is unchanged, how much of the raise will she have to take home?

take-home pay per period = $

amount of raise taken home = $

Answer 1

Rina Take home pay is $457.20

what is Salary percentage?

The basic salary divided by the Gross salary is multiplied by 100. The result is the percentage of gross salary.

Given that:

gross salary = $624

14% income tax = 624* 0.14 = $87.36

group health plan = $4.25

Company retirement = 624 * 0.060 =$37.44

Social Security = 624 * 0.0605 = $37.752

Home pay= 624 - 87.36 - 4.25 - 37.44- 37.752

= 457.198

Her take home pay is $457.198

if she gets a $35 raise per pay period,

So, new gross salary would be,

= $624 + $35

= $659.

Again, we have

14% Income tax = 659 * 0.14 = $92.26

Group health plan = $4.25

Company retirement = 659 * 0.060 = $39.54

Social Security = 695* 0.0605 = $39.8695

Home take pay,

=659-39.8695 - 45.825 - 39.54-92.26

=441.5055

Her take home pay is $441.5055

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