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Economics Asked by a SnapAndSolve user · about 1 hour ago

of 10: You earn $420 per week. You pay Social Security taxes of 7.65%, federal taxes of 22%, and state...

QUESTION 4 of 10: You earn $420 per week. You pay Social Security taxes of 7.65%, federal taxes of 22%, and state taxes of 5.95%. What is your take-home pay?
a) $234.65
b) $243.99
c) $265.43
d) $270.48

Answer

To calculate the take-home pay, subtract the total taxes from the weekly earnings:

  1. Social Security tax: $420 * 7.65% = $32.13
  2. Federal tax: $420 * 22% = $92.40
  3. State tax: $420 * 5.95% = $24.99
  4. Total taxes: $32.13 + $92.40 + $24.99 = $149.52
  5. Take-home pay: $420 - $149.52 = $270.48

Answer: d) $270.48

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