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john smith works 40 hours for abc corp. for $15 per hour. required payroll deductions are: social security $37.20; medicare $8.70; federal income tax $58; and state income tax $10. what is john's net pay? multiple choice question. $532 $713.90 $600 $486.10 $494.80

Respuesta :

John's net pay will be $494.80/-

What is net pay?

  • Net Wage is the employee's earnings after all deductions have been deducted. Mandatory deductions, such as FICA-mandated Social Security taxes and Medicare, are automatically deducted from an employee's income.
  • Other deductions are provided in the form of benefits that may be optional.
  • Compensation that employees can take home is subject to various payroll deductions, which may be optional or required.

Steps to calculate net pay:

  1. Calculates Gross Wage using Hourly Wage multiplied by Total Hours Worked or Salary divided by the Number of Pay Periods.
  2. Pretax deduction for health insurance and other contributions State and local taxes
  3. Payroll garnishment against all applicable court-ordered payments.

Thus, John's net pay will be $494.80/-

To know more about Net Pay refer:

https://brainly.com/question/4356180

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