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Jeff Walker makes \$1,200 per week.

# Business Math 10 - Payroll (An Introduction)

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Soon many of you will start to get a part-time job in the “real” working world. For your first job that you are hired on to, you are told that the job pays you \$150.00 a week for 20 hours of work. You think - hey that is great! I’m going to be rich! Then you get your first paycheck and wonder what on earth happened to your \$150.00. What you are about to learn is the world of the “payroll” and/or “paycheck.”

1.
Alice Fremont makes \$825 per week. She pays \$48.75 each week for medical coverage. She puts in 4% of her weekly pay to her 401K retirement plan and her state income tax is 7%. How much money will she bring home each week in her paycheck?
\$560.03
\$506.30
\$605.03
\$650.30
Working the Problem:
\$825.00 per week
\$825.00 - \$48.75 (health insurance premium) = \$776.25
\$825.00 x .04 = \$33.00 (401K retirement deduction)
\$776.25 - \$33.00 = \$743.25
\$743.25 x .1 (federal tax) = \$74.325 (rounded to \$74.33)
\$743.25 x .07 (state tax) = \$52.0275 (rounded to \$52.03)
\$743.25 x .062 (social security tax) = \$46.0815 (rounded to \$46.08)
\$743.25 x .0145 (Medicare tax) = \$10.777125 (rounded to \$10.78)
\$743.25 - \$74.33 (federal tax) = \$668.92
\$668.92 - \$52.03 (state tax) = \$616.89
\$616.89 - \$46.08 (social security tax) = \$570.81
\$570.81 - \$10.78 (Medicare tax) = \$560.03
Solution:: Alice’s take home pay each week is \$560.03
2.
Jeff Walker makes \$1,200 per week. He pays \$52.00 each week for medical coverage. He puts in 6% of his weekly pay to his 401K retirement plan. His state income tax is 8%. How much money will he bring home each week in his paycheck?
\$980.01
\$900.01
\$800.01
\$890.01
Working the Problem:
\$1,200.00 per week
\$1,200.00 - \$52.00 (health insurance premium) = \$1,148.00
\$1,200.00 x .06 = \$72.00 (401K retirement deduction)
\$1,148.00 - \$72.00 = \$1,076.00
\$1,076.00 x .1 (federal tax) = \$107.60
\$1,076.00 x .08 (state tax) = \$86.08
\$1,076.00 x .062 (social security tax) = \$66.712 (rounded to \$66.71)
\$1,076.00 x .0145 (Medicare tax) = \$15.602 (rounded to \$15.60)
\$1,076.00 - \$107.60 (federal tax) = \$968.40
\$968.40 - \$86.08 (state tax) = \$882.32
\$882.32 - \$66.71 (social security tax) = \$815.61
\$815.61 - \$15.60 (Medicare tax) = \$800.01
Solution: Jeff’s take home pay each week is \$800.01
3.
Mark Walker makes \$790 per week. He pays \$63.00 each week for medical coverage. He puts in 3% of his weekly pay to his 401K retirement plan and his state income tax is 6.35%. How much money will he bring home each week in his paycheck?
\$543.15
\$534.51
\$453.51
\$435.15
Working the Problem:
\$790.00 per week
\$790.00 - \$63.00 (health insurance premium) = \$727.00
\$790.00 x .03 = \$23.70 (401K retirement deduction)
\$727.00 - \$23.70 = \$703.30
\$703.30 x .1 (federal tax) = \$70.33
\$703.30 x .0635 (state tax) = \$44.65955 (rounded to \$44.66)
\$703.30 x .062 (social security tax) = \$43.6046 (rounded to \$43.60)
\$703.30 x .0145 (Medicare tax) = \$10.19785 (rounded to \$10.20)
\$703.30 - \$70.33 (federal tax) = \$632.97
\$632.97 - \$44.66 (state tax) = \$588.31
\$588.31 - \$43.60 (social security tax) = \$544.71
\$544.71 - \$10.20 (Medicare tax) = \$534.51
Solution: Mark’s take home pay each week is \$534.51
4.
Lynette Tillson makes \$4,250.00 monthly. She pays \$645.00 each pay period for medical coverage. She puts in 7.5% of her pay to her 401K retirement plan and her state income tax is 8.15%. How much money will she bring home in her paycheck?
\$2,438.39
\$2,483.39
\$2,843,93
\$2,834.93
Working the Problem:
\$4,250.00 monthly
\$4,250.00 - \$645.00 (health insurance premium) = \$3,605.00
\$4,250.00 x .075 = \$318.75 (401K retirement deduction)
\$3,605.00 - \$318.75 = \$3,286.25
\$3,286.25 x .1 (federal tax) = \$328.625 (rounded to \$328.63)
\$3,286.25 x .0815 (state tax) = \$267.82937 (rounded to \$267.83)
\$3,286.25 x .062 (social security tax) = \$203.7475 (rounded to \$203.75)
\$3,286.25 x .0145 (Medicare tax) = \$47.650625 (rounded to \$47.65)
\$3,286.25 - \$328.63 (federal tax) = \$2,957.62
\$2,957.62 - \$267.83 (state tax) = \$2,689.79
\$2,689.79 - \$203.75 (social security tax) = \$2,486.04
\$2,486.04 - \$47.65 (Medicare tax) = \$2,438.39
Solution: Lynette’s take home pay each month is \$2,438.39
5.
Zack Owen makes \$2,600.00 bi-monthly. He pays \$241.50 each pay period for medical coverage. He puts in 3.8% of his pay to his 401K retirement plan and his state income tax is 7.5%. How much money will he bring home in his paycheck?
\$1,619.83
\$1,916.83
\$1,691.38
\$1.961.38
Working the Problem:
\$2,600.00 bi-monthly
\$2,600.00 - \$241.50 (health insurance premium) = \$2,358.50
\$2,600.00 x .038 = \$98.80 (401K retirement deduction)
\$2,358.50 - \$98.80 = \$2,259.70
\$2,259.70 x .1 (federal tax) = \$225.97
\$2,259.70 x .075 (state tax) = \$169.4775 (rounded to \$169.48)
\$2,259.70 x .062 (social security tax) = \$140.1014 (rounded to \$140.10)
\$2,259.70 x .0145 (Medicare tax) = \$32.76565 (rounded to \$32.77)
\$2,259.70 - \$225.97 (federal tax) = \$2,033.73
\$2,033.73 - \$169.48 (state tax) = \$1,864.25
\$1,864.25 - \$140.10 (social security tax) = \$1,724.15
\$1,724.15 - \$32.77 (Medicare tax) = \$1,691.38
Solution: Zack’s take home pay each pay period is \$1,691.38
6.
Walter Evans makes \$942 per week. He pays \$86.25 each week for medical coverage. He puts in 3.2% of his weekly pay to his 401K retirement plan and his state income tax is 8.25%. How much money will he bring home each week in his paycheck?
\$618.17
\$671.81
\$617.18
\$611.78
Working the Problem:
\$942.00 per week
\$942.00 - \$86.25 (health insurance premium) = \$855.75
\$942.00 x .032 = \$30.144 (rounded to \$30.14) (401K retirement deduction)
\$855.75 - \$30.14 = \$825.61
\$825.61 x .1 (federal tax) = \$82.561 (rounded to \$82.56)
\$825.61 x .0825 (state tax) = \$68.112825 (rounded to \$68.11)
\$825.61 x .062 (social security tax) = \$51.18782 (rounded to \$51.19)
\$825.61 x .0145 (Medicare tax) = \$11.971345 (rounded to \$11.97)
\$825.61 - \$82.56 (federal tax) = \$743.05
\$743.05 - \$68.11 (state tax) = \$674.94
\$674.94 - \$51.19 (social security tax) = \$623.75
\$623.75 - \$11.97 (Medicare tax) = \$611.78
Solution: Walter’s take home pay each week is \$611.78
7.
Billy Waxston makes \$475 per week. He pays \$25.35 each week for medical coverage. He puts in 2.5% of his weekly pay to his 401K retirement plan and his state income tax is 5.85%. How much money will he bring home each week in his paycheck?
\$433.98
\$334.89
\$343.89
\$398.43
Working the Problem:
\$475.00 per week
\$475.00 - \$25.35 (health insurance premium) = \$449.65
\$475.00 x .025 = \$11.875 (rounded to \$11.88) (401K retirement deduction)
\$449.65 - \$11.88 = \$437.77
\$437.77 x .1 (federal tax) = \$43.777 (rounded to \$43.78)
\$437.77 x .0585 (state tax) = \$25.609545 (rounded to \$25.61)
\$437.77 x .062 (social security tax) = \$27.14174 (rounded to \$27.14)
\$437.77 x .0145 (Medicare tax) = \$6.347665 (rounded to \$6.35)
\$437.77 - \$43.78 (federal tax) = \$393.99
\$393.99 - \$25.61 (state tax) = \$368.38
\$368.38 - \$27.14 (social security tax) = \$341.24
\$341.24 - \$6.35 (Medicare tax) = \$334.89
Solution: Billy’s take home pay each week is \$334.89
8.
Janet Greyson makes \$900 per week. She pays \$76.00 each week for medical coverage for herself. She puts in 4.5% of her weekly pay to her 401K retirement plan and her state income tax is 5.9%. How much money will she bring home each week in her paycheck?
\$598.98
\$589.98
\$589.89
\$598.89
Working the Problem:
\$900.00 per week
\$900.00 - \$76.00 (health insurance premium) = \$824.00
\$900.00 x .045 = \$40.50 (401K retirement deduction)
\$824.00 - \$40.50 = \$783.50
\$783.50 x .1 (federal tax) = \$78.35
\$783.50 x .059 (state tax) = \$46.2265 (rounded to \$46.23)
\$783.50 x .062 (social security tax) = \$48.577 (rounded to \$48.58)
\$783.50 x .0145 (Medicare tax) = \$11.36075 (rounded to \$11.36)
\$783.50 - \$78.35 (federal tax) = \$705.15
\$705.15 - \$46.23 (state tax) = \$658.92
\$658.92 - \$48.58 (social security tax) = \$610.34
\$610.34 - \$11.36 (Medicare tax) = \$598.98
Solution: Janet’s take home pay each week is \$598.98
9.
Justin Moore makes \$515 per week. He pays \$37.50 each week for medical coverage. He puts in 3% of his weekly pay to his 401K retirement plan. His state’s income tax is 6.25%. How much money will he bring home each week in his paycheck?
\$316.51
\$311.56
\$315.16
\$351.61
Working the Problem:
\$515.00 per week
\$515.00 - \$37.50 (health insurance premium) = \$477.50
\$515.00 x .03 = \$15.45 (401K retirement deduction)
\$477.50 - \$15.45 = \$462.05
\$462.05 x .1 (federal tax) = \$46.205 (rounded to \$46.21)
\$462.05 x .0625 (state tax) = \$28.878125 (rounded to \$28.88)
\$462.05 x .062 (social security tax) = \$28.6471 (rounded to \$28.65)
\$462.05 x .0145 (Medicare tax) = \$6.699725 (rounded to \$6.70)
\$462.05 - \$46.21 (federal tax) = \$415.84
\$415.84 - \$28.88 (state tax) = \$386.96
\$386.96 - \$28.65 (social security tax) = \$358.31
\$358.31 - \$6.70 (Medicare tax) = \$351.61
Solution: Justin’s take home pay each week is \$351.61
10.
Stacy Warren makes \$2,150.00 bi-monthly. She pays \$307.75 each pay period for medical coverage. She puts in 1.5% of her pay to her 401K retirement plan and her state income tax is 8.32%. How much money will she bring home in her paycheck?
\$1,393.04
\$1,339.94
\$1,933.49
\$1,393.49
Working the Problem:
\$2,150.00 bi-monthly
\$2,150.00 - \$307.75 (health insurance premium) = \$1,842.25
\$2,150.00 x .015 = \$32.25 (401K retirement deduction)
\$1,842.25 - \$32.25 = \$1,810.00
\$1,810.00 x .1 (federal tax) = \$181.00
\$1,810.00 x .0832 (state tax) = \$150.592 (rounded to \$150.59)
\$1,810.00 x .062 (social security tax) = \$112.22
\$1,810.00 x .0145 (Medicare tax) = \$26.245 (rounded to \$26.25)
\$1,810.00 - \$181.00 (federal tax) = \$1,629.00
\$1,629.00 - \$150.59 (state tax) = \$1,478.41
\$1,478.41 - \$112.22 (social security tax) = \$1,366.19
\$1,366.19 - \$26.25 (Medicare tax) = \$1,339.94
Solution: Stacy’s take home pay each pay period is \$1,339.94
Author:  Christine G. Broome