Question:

Business math homework help?

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Ok so im having some problems in my business math summer course,best answer for whoever gets the most correct.

ok here we go:

4. Chris Huen, an oceanographer, is paid $576.20 a week. His earnings to date this year total $21,895.60. The social security tax rate is 6.2% of the first $62,700 earned. How much is deducted from his paycheck this week for social security tax?

5. Sherry Reese, a technical writer for Ace Electronics, earns $423.08 a week. Her medical insurance costs $3219 a year, of which her company pays 75% of the costs. How much is deducted each week from her paycheck for medical insurance?

6. John Jacobson, a title insurance officer, is married and claims 2 allowances. He earns $432.75 a week. The social security tax rate is 6.2% of the first $62,700 earned. The medicare tax rate is 1.45% of gross. The state tax rate is $6.95 a week. He has weekly deductions of $21 for medical insurance and $30 for payroll savings.

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2 ANSWERS


  1. 4.  Earning another $500+ won't put him over the limit, so multiply is weekly earnings by .062 which is 6.2%

    5.  Take 25% of the insurance cost, which is the part she pays - that's .25 times the total annual cost to her.  Divide by 52 to get the weekly amount.

    6.  you forgot to show the question.


  2. Have you noticed you posted to UK Tax forum ??

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